Atom the UK's newest bank

24 June 2015

Atom bank today announces that it has been granted its licence by the Bank of England, enabling it to push ahead with plans to launch products and services to customers later this year.

Championing customer experience with a low-cost model, transparent pricing and digital innovation, Atom is developing a range of personal and business banking products and services that will be delivered using mobile apps, with a desktop version to follow.

Commenting on the award of the licence, CEO Mark Mullen said:

“This is a wonderful vote of confidence in Atom. Atom will offer a quality of digital experience without parallel in this sector or in many others. Our team reflects this. Between us we’ve built and run some of the most highly respected banks in the UK, brought ground-breaking innovation to manufacturing and service businesses, and created great software with a worldwide reach. Now all of this is being poured into building Atom so that customers will have a bank in their pocket that is ready whenever and wherever they need it.”

Atom represents the first real alternative to traditional High Street Banks and is free of the existing banks’ branch and legacy costs.

Speaking about the impact of the license and the opportunity for new investors, Atom bank’s Founder and Chairman Anthony Thomson said:

“It’s a testament to the talent and the dedication of our extraordinary team here in Durham and to the support and vision of our investors. It’s also a positive endorsement of our business plan and model from the Prudential Regulation Authority and the Financial Conduct Authority. We now have the mandate that only comes with a banking licence – to change banking permanently for the better.”

Atom was created with the support of a group of private individuals, principally from Northern England. This enabled the founding team to develop the business model and to start the process of obtaining authorisation. Having raised £25m to build the bank, Chairman Anthony Thomson, CEO Mark Mullen and CFO Dave McCarthy are currently raising the balance sheet capital for Atom’s launch. With the support of existing investors, including cornerstone investor Neil Woodford, the team are confident of bringing new institutional and strategic partners on board.

Designed and built at the Atom HQ in Durham using the North East’s expertise in software development, Atom’s app aims to set new standards for the banking sector and will bring pioneering technology to Europe for the first time. Atom will be leading the way in delivering the ultimate easy and convenient banking experience. Biometric security and in app account opening are just some of the features being developed to deliver a branch-free, paper-free and stress-free bank. Pre-registration for customers is already available through Atom’s website –

Edward Twiddy, Atom’s Chief Operating and Innovation Officer said:

“We’ve set about designing a banking app that’s in tune with how people think about their money. Our customer service team will provide support and technical expertise to customers all-day and everyday by phone, chat and email and through social media. Our customers will also have access to the UK and international ATM network and the ability to pay in cash and cheques when needed.”

Atom has 100 permanent and contract staff and is set to employ at least another 60 before the end of the year. It has established a network of 110 partners and suppliers from across the North East, UK and globally to bring the very best talent and technology together.

About Atom bank

Atom is a start-up bank, not yet launched, but recently authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.

Founded a year ago and based in the City of Durham, Atom has a growing team of 100 people drawn from across the country, working with partners to bring pioneering technology to Europe for the first time. Atom is building the UK’s first bank designed specifically for digital, offering easy and convenient banking, along with unique and engaging ways to manage money.

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 founder and Chairman Anthony Thomson, also the founder and former Chairman at Metro Bank. He is Chairman of the Financial Services Forum, the UK’s leading membership organisation for senior FS industry executives and Chairman of the National Skills Academy for Financial Services, a national charity.