Atom, the UK’s first app based bank, has secured £30 million in funding to drive further expansion in the market. This follows on from £75 million the company raised in February of this year. The money will be used to fuel further lending and drive the ongoing growth and development of the bank.
Atom remains one of the country’s most trusted banks
The bank has managed to weather the current economic storm by focusing on delivering stellar customer service. It remains one of the country’s most trusted banks, with a TrustPilot score of 4.7/5 and features a 5 star rated iOS app in the App Store. The company is unusual in offering a range of extended services, including mortgages to first-time buyers and services to small businesses.
A few months back, the company introduced a 4 day working week to improve working conditions for its employees and encourage better staff retention. Nor has this apparently affected performance. The bank recently surpassed £4.5 billion in retail deposits by offering aggressive and attractive saver rates.Atom CEO Mark Mullen explained:
Alongside continued growth in our mortgage and business lending books, the bank is proving that our clear focus on being fast, easy, and value for money is something that will keep benefiting both our customers and shareholders.
Atom Is A Proud Northern Bank
Atom is unusual in that it’s based in the North of England. It launched in 2016 in Durham and currently boasts a staff roster of 470 people. In 2022, the bank signed an agreement with Durham University to collaborate on and promote key research and diversity initiatives.
The North-East region has one of the country’s largest level of unemployment, and so the bank is engaged in trying to address the critical skills gap in the region.
By introducing an official four-day week, Atom became the largest company, and the only bank, to introduce this policy in the UK, with no reduction in salaries. The CEO came to the bank from First Direct, where he was CEO, and the executive team also features significant experience in the banking sector.
The bank has pledged to become a carbon positive organization
With a genuine focus on sustainable finance, Atom has demonstrated its potential in the environmental space. As an app-only bank, with no paper statements, the company’s emissions are lower than traditional banks. Atom is also a signatory to the County Durham Climate Change Agreement and pledged to become a carbon positive organization.
This commitment even stretches to the office environment. Atom relies on biofuel and solar panels for heating and hot water. The bank also uses zero carbon electricity and harvests rain water for its plumbing needs. The London hub office is almost entirely carbon neutral, with zero emissions from electricity, heating or refrigerants.
Community is extremely important to the work the bank does to improve the conditions in the North East. Staff are encouraged to take days to engage in community activities, and the company has started the Atom Incubator to provide space, and a community of technology startups and entrepreneurs from Durham University.
