Atom bank partners with Codat and continues their support for small businesses during COVID-19

19 November 2020

Atom, the UK’s first app-based bank has joined forces with Codat to simplify their business lending process.

The partnership will see Codat provide their universal API, for small business financial data, which will enable Atom to directly integrate with business customer’s accounting platforms, removing the need for manual submissions. This will result in a streamlined onboarding process and enable Atom to make faster and better-informed funding decisions.

By connecting their accounting package directly with Atom, business customers are securely sharing permissioned access to accounting data, encrypted in transit and at rest. This represents an easier and more secure way to share information.

Tom Renwick, Business Banking Proposition Manager at Atom said: “At Atom we are continually looking to improve customer experience through the better use of technology.”

“Running a business is complex and the pandemic has increased the administrative burden on time poor business owners: our partnership with Codat will address the manual and slow exchange of data, making our application process simpler and credit approval faster.”

Pete Lord, CEO and co-founder at Codat added: “We’re very happy to be working with the team at Atom who will use our service to enhance their lending processes and improve the borrower experience.”

“Via a single API, we’re enabling financial service organisations to integrate with a wide and growing range of accounting, banking, and commerce platforms. It means banks and lenders can get a holistic financial profile of a small business in a matter of minutes rather than days.”

Both fintechs have been awarded grants from the Banking Competition Remedies (BCR) to transform banking for small businesses and this is just one of the ways that Atom is delivering against its commitments.

Atom has been very active in supporting businesses through the economic impact of the pandemic by being one of a small number of banks to offer secured loans to new, and existing, customers through the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS).


Note to Editors

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About Atom bank

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 medium-sized enterprises (‘SMEs’).

Atom launched its first mobile mortgage product in December 2016 and has taken £1.8bn in deposits and lent over £2.4bn to small businesses and homeowners to date. Atom have also recently launched a new Instant Saver with a competitive rate, no short-term bonus, no limits on withdrawals and no minimum amount required at opening, it offers people much-needed flexibility while their cash works harder for them.

Atom are a mobile only and customer first bank. Based in the North East of England with a team of over 400 people, they’re here to do the right thing by their customers. To stand up against the big banks, to save customers time, offer the best products and to offer them genuine value, empowering them to take control of their finances. At the heart of the bank is the app, with an award-winning customer support team on hand to help with any queries through phone, chat, email and social media.

Atom is an engaged and active part of the North East Community and in 2017 announced a four year STEM partnership with the Prince’s Trust in North East England.

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 30 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, chaired by Bridget Rosewell CBE.

About Codat

Codat is a London-based technology company that lets banks and fintechs plug into their small businesses and the software they use, giving them seamless access to real time customer data.

Codat is building an ecosystem of connected datasets that handle the heavy lifting of integrations, leaving providers free to focus on improving their offerings for small businesses.

Codat has over 60 clients globally, across various different industries from traditional lenders to invoice financing, insurance to cashflow forecasting.

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