New British bank Atom aims for 5% market share by 2020
Atom Bank is eyeing a 5% share of the personal current or checking account market in Britain over the next five years.
Speaking at the Reuters Financial Regulation Summit, CEO Mark Mullen said: “In an industry that is ripe for change you should not be afraid of achieving a 5 percent market penetration between now and 2020. If you’re good enough you should be able to do that, but it’s a big ask.”
The venture, which was set up by Anthony Thomson, co-founder of Metro Bank, is in talks with Britain’s financial regulator to obtain a banking license with expectation to be up and running by year end, reported Reuters.
Atom, headquartered in Durham, northeast England, will offer its services online having no branches, like several other new banks including Aldermore and OneSavings.
Mullen said: “Technology is a core driver, but it’s the willingness and appetite to consider alternatives in light of the banking crisis that plays into this environment.”
The bank has raised £25m from investors including leading British fund manager Neil Woodford to design and build the bank, said the report.