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Atom bank announces its first RMBS issue

05 October 2018

FOR IMMEDIATE RELEASE: Friday 5th October 2018

Atom bank announces its first RMBS issue

The UK’s first bank built exclusively for mobile or tablet completed pricing this week on its first residential mortgage-backed securitisation, Elvet Mortgages 2018-1. £400m of bonds will be publicly placed and used to support Atom’s loan book growth.

Elvet Mortgages 2018-1 plc holds prime mortgage loans originated by Atom bank, making this the first RMBS rated by Moody’s where the loans were originated through a mobile app-based bank. Atom anticipates being a regular RMBS issuer, which, alongside its expanding suite of retail deposit products, will provide funding for long term, sustainable growth.

David McCarthy, Chief Financial Officer at Atom bank said: “We are delighted to announce the launch of our RMBS programme - the latest milestone in Atom bank’s development. Securitisation is one of the ways we are delivering efficient funding for our business, contributing to our overall model of keeping costs low and passing back that value to our customers through great mortgage deals.”

“We’re pleased with the level of demand for the notes and investor feedback on our lending platform. In line with our goals to grow our bank and giving customers a fair deal, we anticipate being regular issuers of prime RMBS.”

ENDS

Note to Editors

After securing its banking license in June 2015, Atom bank launched operations in April 2016, offering market-leading Fixed Saver accounts and secured business lending for small and mediumsized enterprises (‘SMEs’). From the start, Atom set out to build a customer- driven bank, designed to meet their new needs and optimised for mobile technologies.

Atom bank launched its first mobile mortgage product a year ago and has recently announced it has taken £1.3bn of deposits and has now lent £1.2bn to small businesses and homeowners.

The Atom executive team are highly experienced, having built and run some of the most well respected banks in the UK. CEO Mark Mullen has 25 years’ experience in the sector and was previously CEO at the multi- award winning telephone and internet bank first direct. The team are supported by a strong non-exec board, which includes newly appointed Chair, Bridget Rosewell. Bridget has also been the chair of Atom’s audit committee since 2014. She has an economics background and is also Chairman of the Driver Vehicle Standards Agency and on the board of Network Rail as well as a Commissioner with the National Infrastructure Commission.

Atom bank are here to change banking, creating a disruptive and digital bank, keeping costs low and passing back the value to its customers. The Atom app is at the heart of the bank, with a 24/7 support team on hand to help with any customer queries through phone, chat, email and social media, working out of their Durham HQ.

Since its creation in April 2014, Atom has:

  • Raised almost £400m of equity capital through the support of private and institutional investors, including BBVA, Woodford Investment Management and Toscafund Asset Management
  • Built a highly motivated and experienced team of around 300 permanent employees
  • Been ranked 8th in KPMG’s ‘Global 2017 Fintech 100’ listing, and uniquely in the EU have been top10 in this listing for the last three years.
  • Ranked 1st in Tech World’s Digital Challengers list
  • Ranked 14th in LinkedIn’s ‘Top 25 Startups’
  • Voted the UK’s most recommended bank
  • Industry leading NPS scores in relation to Savings Product and Savings App Journey of 73%
  • Trustpilot score of 5/5
  • 98% of customers said they would recommend us on Reevoo
  • Established a global network of partners and suppliers
  • Launched 1, 2, 3 and 5 Year market-leading Fixed Saver accounts - Atom has nearly £1.3bn in deposits so far
  • Launched Digital Mortgages by Atom bank, offering secured lending to SMEs and residential mortgage products - Atom has loaned around £1.2bn to date
  • will.i.am joined Atom bank as a Strategic Board Advisor, giving an external perspective on culture, community and technology
  • Partnered with Deposit Solutions and passported its deposit taking licence to Germany to access German retail savings market to diversify funding options and increase deposits
  • Announced a four year STEM partnership with the Prince’s Trust in North East England
  • Signed up to the Women in Finance Charter in 2016 and the Tech Talent Charter in 2017