The bank has raised £25m from backers including Woodford (Source: Getty)
A mobile-based bank backed by City superstar investor Neil Woodford and launched by a founder of Metro Bank has been granted a banking licence, it said this morning.
Durham-based Atom, launched by former Metro Bank chairman and First Direct chief executive Mark Mullen, will launch as a mobile app at first, with a desktop version coming later.
The app will include biometric security features and "in-app account opening"
The bank said it will "champion customer experience with a low-cost model, transparent pricing and digital innovation", said Mullen
"[The granting of a banking licence is] a positive endorsement of our business plan and model from the Prudential Regulation Authority and the Financial Conduct Authority. We now have the mandate that only comes with a banking licence – to change banking permanently for the better," he added.
The UK's challenger banking market is becoming increasingly crowded - although it has also produced some of the most successful IPOs of recent months.