By Aisling Finn on Wednesday 7 July 2021
The digital bank only opened its Instant Saver accounts in September 2020, hitting £1bn in deposits just nine months later.
It’s been a busy week for Atom Bank as the Durham-based digital bank surpassed two major milestones.
On the same day, the bank hit £3bn in residential mortgage completions and £1bn in deposits into its Instant Saver accounts.
“These milestones are significant achievements for Atom. We are here to solve two key questions for customers – where should I save to get a proper return on my savings, and where can I get a well-priced mortgage that I can manage on my terms,” Edward Twiddy, chief customer officer at Atom, said.
“We don’t carry excess costs in our business and so in a price lead market we can pay our savers more and charge our borrowers less; that has to be better for everyone, and the progress we continue to make suggests that we are getting a lot right.”
Since November 2016, Atom has dished out more than 21,700 mortgage offers worth £3.97bn and has now helped 16,400 households complete on new mortgages.
“Alongside our rapidly growing commercial mortgage lending and our partnership with Funding Circle, the continued growth of our mortgage book means that Atom is very well set commercially,” Twiddy added.
The digital challenger only opened its Instant Saver account to the public in September last year and has already seen deposits reach £1bn, adding to the £1.7bn held in its fixed savings rate accounts.
In light of its strong growth, Atom recently revealed that it is aiming for a 2022 IPO.
CEO and founder, Mark Mullen, said: “The team retains an IPO as our objective and we’ll take the business there when we and the markets are ready. After the year that’s just gone, I’m not going to claim perfect foresight, but we’re looking at the financial year 2022/23 as our IPO target.”