Atom Bank

Atom Bank was fonded in the UK in 2014 and started operating in 2016 as a licensed online bank. Its uniqueness is that in addition to providing services for the placement of deposits, it provides loans to small and medium-sized businesses, and also issues mortgage loans. In 2018, the bank attracted £ 1.4 billion in deposits and issued bank loans (mainly mortgages) in the amount of £ 1.2 billion. Atom is an online bank, that is, it provides all services exclusively through the application and does not have a single branch. The company provides standard consumer services such as mortgages, savings accounts, and business loans. The British bank has already raised $ 290 million in investment and has received celebrity backing, including American rapper and producer will.i.am, who has become a consultant and board member.

This company is revolutionizing the financial intermediation industry by making it more transparent, accessible and cost effective. Not all neobanks are destined to succeed and turn out to be profitable, but Atom Bank has definitely set a new trend in the industry.

Atom's business model is based on a low-cost model using open banking and machine learning technology, which allows the company to compete successfully with large banks. The Atom product line is constantly expanding, and today the company offers its customers savings and checking accounts, mortgages, debit cards, overdrafts and savings accounts with direct access. However, no significant growth is expected in the near future, as the bank adheres to the principles of less is more in terms of product development.

Products

While Atom has outperformed companies such as Monzo and Starling in the market, they have not followed suit and added the checking account option to their product portfolio. Instead, he focused on savings, mortgages, and business loans.

Savings products offered by the applicant bank include fixed term options ranging from three months to five years, with monthly or annual interest rates - all of which are protected by a financial services compensation scheme of up to £ 85,000. Account setup is done directly through the Atom app, and the company claims it can be done in as little as ten minutes.