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Atom Bank

British Business Bank programme: Investment Programme and our other commercial investments

Atom is a new bank, 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 of 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. He has also recently been appointed as Newcastle University Business School’s new Goldman Visiting Professor.

In June 2017, Atom bank and British Business Bank Investments Ltd (BBBIL), the commercial arm of the British Business Bank, announced the agreement of a £30m Tier 2 capital facility to support Atom’s growth.

The Tier 2 eligible facility is a valuable addition to Atom’s existing regulatory capital base and will enable the bank to draw on additional capital in a flexible manner as it grows. The £30m capital facility is being made under BBBIL’s Investment Programme, which has so far committed over £580m to providers of finance to UK SMEs. (As of June 2017)

Anthony Thomson, Founder and Chairman of Atom comments: “Access to Tier 2 capital at such an early stage of the growth cycle is rare and we are extremely pleased to be gaining this support from British Business Bank Investments.

The facility will help support the growth of Atom bank and its desire to lend to UK corporates and smaller businesses. It emphasises the commitment of British Business Bank Investments to addressing long-standing gaps in finance markets for smaller businesses by investing in small business finance providers and promoting greater diversity in the supply of lending. Atom’s choice to launch an SME proposition in its first product suite signals its intention to be a significant supporter of the UK SME market.”

Catherine Lewis La Torre, CEO, British Business Bank Investments Ltd, adds: “Our investment in Atom bank demonstrates our commitment to increasing the diversity of small business finance by supporting recently licensed and ambitious challenger banks. We have seen challenger banks becoming an increasingly important source of UK SME funding and we believe a committed regulatory capital facility will not only support Atom’s growth trajectory but will also drive the bank’s ability to lend to UK SMEs.”

Find out more about Atom Bank