History
Atom was founded in July 2013[5] by Anthony Thomson, co-founder of Metro Bank[6] and Mark Mullen, previous CEO at First Direct.[7]
In June 2015, Atom was granted a banking licence[8] and before launch in November 2015, Spanish bank BBVA agreed to invest a substantial stake in Atom.[9] The company launched to the public in April 2016, after its regulatory authorisation restrictions were lifted, initially to those who had expressed an interest previously and had been given a registration code.[10] It launched more widely in October 2016 and today it offers mortgages and savings accounts, along with secured loans for small businesses.[11]
In 2017, Atom was named by LinkedIn as one of the top 25 startups impacting the UK and ranked 14th alongside companies such as Deliveroo, Uber and Airbnb,[12] and in 2019, Atom ranked second in business analyst Beauhurst's list of 50 top fintech UK startups and scale-ups. It was the only company from outside London in the top 20 of the list.[13]
In November 2023, Atom raised £100 million from BBVA, Toscafund and Infinity Investments Partners.[14]
In June 2024, Atom Bank criticized large UK lenders for their "indifferent" customer service while celebrating a record year of profits, reporting a £27 million operating profit, about seven times higher than the previous year, and its first annual pre-tax profit since launching a decade ago. Atom saw a 39% increase in customer borrowing to £4.1 billion and a 55% rise in residential mortgage balances, maintaining low business costs and raising £100 million from investors.[15]
