Durham-based digital bank Atom has been granted a banking licence by the Bank of England, meaning it can start gearing up for launch later this year.
Atom Bank is “branch-free, paper free” and will go live with a mobile-first personal and business banking service, with desktop to follow.
The smartphone and tablet app will offer biometric security and gaming capabilities for money management, along with a 3D interactive experience.
The team has grown from six to 1oo over the course of a year and customer service staff will be on-hand to help users by phone, chat, email and social media channels.
CEO Mark Mullen, who founded the company in 2014 having previously worked internet bank first direct, said: “We’ve set about designing a banking app that’s in tune with how people think about their money. Taking an app-based approach allows us to use all the features of your mobile device to provide a slick and highly personalised experience.
“It will offer total control and transparency with a depth that is beyond anything else on offer in the market today.”
Louise Beaumont, head of public affairs at GLI Finance, a leading investor in alternative finance companies, said: “This is further evidence that the fintech revolution in the UK shows no sign of abating.
“The business models of the traditional high-street banks are creaking under the pressure from new market entrants and ageing IT systems which are unable to meet consumer demand for a slick, convenient and transparent customer experience.
“One only has to look at the explosion of the alternative finance sector to see this trend is not just a retail banking phenomenon and that the SME market is also ripe for disruption as the UK banking sector continues to be redefined.”