25 September 2017
visit www.avoka.com

Atom Bank targets German retail savings market

06 September 2017  |  6651 views  |  0 Atom Bank

British app-only bank Atom is making a move into the German market through partnership with local startup Deposit Solutions.

The partnership lets Atom offer Germans fixed savings products, diversifying its deposit base to Europe's largest savings market without having to set up any additional retail infrastructure.

Hamburg-based Deposit Solutions is building a B2B-based open architecture platform for retail deposits across Europe, offering a platform over which European banks can list and sell their savings products.

Atom has been at forefront of the UK digital challenger bank revolution. It received its banking license in June 2015 and launched operations in April 2016, offering two fixed-saver accounts and secured business lending for SMEs.

But, despite raising £83 million earlier this year, the startup has been forced to put plans to offer current accounts on ice as it faces up to a slew of new regulations over the next year, making the move to Germany a welcome new source of business.

Mark Mullen, CEO, Atom, says: "Access to the German market has been carefully considered in order to give us an additional stream to increase deposits to aid our next stage of growth. We remain committed to building a low-cost business model and offering customers simple, transparent and innovative products and services to help them manage their finances with ease."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Atom secures £30m capital facility from British Business Bank

Atom secures £30m capital facility from British Business Bank

21 June 2017  |  5469 views  |  0 comments | 8 tweets | 9 linkedin
Atom Bank postpones launch of current accounts as new rules cloud the outlook

Atom Bank postpones launch of current accounts as new rules cloud the outlook

06 June 2017  |  15249 views  |  0 comments | 22 tweets | 18 linkedin
Will.i.am lends voice to Atom Bank

Will.i.am lends voice to Atom Bank

24 April 2017  |  6921 views  |  0 comments | 13 tweets | 15 linkedin
Atom Bank raises £83m, says more to come

Atom Bank raises £83m, says more to come

03 March 2017  |  10841 views  |  1 comments | 28 tweets | 15 linkedin
Atom Bank opens doors to all UK customers

Atom Bank opens doors to all UK customers

06 October 2016  |  12493 views  |  0 comments | 31 tweets | 36 linkedin
Atom opens with a promise to change UK banking landscape

Atom opens with a promise to change UK banking landscape

06 April 2016  |  19459 views  |  5 comments | 49 tweets | 56 linkedin
Thiel joins EUR6.5 million round in European startup Deposit Solutions

Thiel joins EUR6.5 million round in European startup Deposit Solutions

08 January 2016  |  6911 views  |  1 comments | 16 tweets | 5 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.capgemini.comvisit www.sibos.com

Top topics

Most viewed Most shared
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
11498 views comments | 16 tweets | 30 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
9123 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8603 views comments | 34 tweets | 46 linkedin
hands typing furiouslyBlockchain is a new way of thinking?
7239 views 2 | 10 tweets | 1 linkedin
Sophia the humanoid gets UBS conference speaking gigSophia the humanoid gets UBS conference sp...
7009 views comments | 16 tweets | 19 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job