Atom bank enters German retail savings market
Written by Anthony Strzalek
Atom bank has announced that it has been granted permission to offer retail deposits in Germany after securing a partnership with Deposit Solutions.
Atom will be launching fixed savings products to German customers from 4 September, as part of the tie-up. Atom bank will subsequently 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.
Founded in 2011, Deposit Solutions offers an Open Banking platform for instant-access and fixed-term savings, allowing customers to have greater control over their money. The platform connects more than 30 banks from 15 countries across Europe, among them established institutions such as Deutsche Bank and FFB, the German subsidiary of Fidelity.
Mark Mullen, CEO of Atom bank, said: “Responsible and sustainable growth always has been and always will be a priority for Atom. 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.
“Deposit Solutions provide an innovative service and a quality, easy to use customer experience. At Atom, we are all about redefining what a bank should be and ensuring the customer is at the heart of everything we do, therefore this partnership is a natural fit.”
Tim Sievers, CEO of Deposit Solutions, added: “This partnership brings together one of the best recognised UK challenger banks with one of Europe’s fastest growing FinTech firms. Both Deposit Solutions and Atom bank have close brand synergies and are innovators seeking to utilise technology to open up the banking sector, increase value and improve the customer experience.”