Challenger bank Atom reaches GBP 1 bln in deposits

Tuesday 3 October 2017 14:44 CET | News

Atom, a UK-based neo-bank, has passed GBP 900 million in deposits two years after launching its first savings accounts product. 

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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Keywords: neo-bank, challenger bank, Atom, Atom Bank, online banking, fintech
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech