Atom Bank breaks into German retail savings market
UK challenger bank Atom has been granted permission to offer retail deposits in Germany via a partnership with Deposit Solutions.
Atom says customers in the country will get access to a range of fixed term products and so it will be able to “gather deposit funding from Europe’s largest savings market onto its balance sheet, without having to set up additional retail infrastructure in Germany”.
Mark Mullen, CEO, Atom Bank, 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.”
As reported in March, Atom said it plans to raise almost £113 million in equity investment to support its ambitions for expansion. In H1 2017, it announced it was suspending the launch of current accounts for at least a year.
Atom adds that Mullen was recently appointed “challenger bank representative” to the Open Banking implementation entity set up by the UK Competition & Markets Authority (CMA).
Founded in 2011, Deposit Solutions offers an open banking platform for instant-access and fixed-term savings. According to the firm, the platform connects more than 30 banks from 15 countries across Europe, including Deutsche Bank and FFB, the German subsidiary of Fidelity.
Last month, Deposit Solutions acquired fellow fintech Savedo. With the acquisition, it gains 18,000+ clients, 13 partner banks and new regions – thus “further expanding its B2C capabilities”.
With so many new entrants trying to muscle into the UK banking sector, Banking Technology has put together a comprehensive list of the known challengers to date and the technology they are using.
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