Partnering with Deposit Solutions to access German retail savings market
06 September 2017
FOR IMMEDIATE RELEASE
Atom bank has today announced that it has been granted permission to offer retail deposits in Germany. Atom will be launching Fixed Savings products to German savers from 4th September, via a partnership with Deposit Solutions.
In an exciting move, Atom bank will now diversify its funding options into the German market. Atom has seen significant growth since its launch to the public in April 2016 and through this important partnership with Deposit Solutions, customers in Germany will now be able to take advantage of Atom’s competitive rates across a range of fixed term products. Atom bank will thus be able to gather deposit funding from Europe’s largest savings market onto its balance sheet, without having to set up additional retail infrastructure in Germany.
Founded in 2011, Deposit Solutions offer an Open Banking platform for instant-access and fixed-term savings, allowing customers to have greater control over their money. The platform connects more than 30 banks from 15 countries across Europe, among them established institutions such as Deutsche Bank and FFB, the German subsidiary of Fidelity.
Mark Mullen, CEO, Atom bank says, “Responsible and sustainable growth always has been and always will be a priority for Atom. Access to the German market has been carefully considered in order to give us an additional stream to increase deposits to aid our next stage of growth. We remain committed to building a low-cost business model and offering customers simple,transparent and innovative products and services to help them manage their finances with ease.
Mullen continues, “Deposit Solutions provide an innovative service and a quality, easy to use customer experience. At Atom, we are all about redefining what a bank should be and ensuring the customer is at the heart of everything we do, therefore this partnership is a natural fit.”
Dr. Tim Sievers, CEO of Deposit Solutions, said: “This partnership brings together one of the best recognised UK challenger banks with one of Europe’s fastest growing Fintech firms. Both Deposit Solutions and Atom bank have close brand synergies and are innovators seeking to utilise technology to open up the banking sector, increase value and improve the customer experience.”
Note to Editors
Atom is determined to set the agenda for what the future of banking looks like, redefining the relationship customers have with their money, providing a unique, branch-free, banking experience, built around the best interests of customers. They want customers to be more engaged with their finances, giving them the ability to manage their own money just by using the Atom App. A dedicated 24/7 support team will be on hand to help with any customer queries through phone, chat, email and social media, working out of their Durham HQ.
Atom is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Founded in 2014 and based in the City of Durham, Atom has a growing team of over 300 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. Atom has been recognised in KPMG’s 2016 Fintech 100, being in the Top 10 companies using technology to drive disruption globally within the financial services industry.
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.