Atom confirmed to Business Insider on Monday that it has attracted over £900 million in deposits since July 2016 when it first launched its savings accounts. The challenger bank offers mortgage and business lending services as well as savings accounts.
By March 2017, the bank had GBP 538 million in deposits from over 17,000 customers and by the end of September, it attracted an extra GBP 400 million.
Atom had a net interest loss of GBP 1 million for the year, due to paying out interest on its 1.95% and 2.5% fixed savings accounts, at the time market-leading interest rates, before the launch of its lending products. However, the bank managed to raise GBP 102 million in funding from Spanish banking group BBVA.
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