Atom will be unveiled to consumers at some point this year, with products and services offered exclusively online and via mobile apps. Biometric security and app-based account opening are two features currently under development.

The bank applied for its license in April 2014. Since then, the challenger has raised £25m from both retail and institutional investors, including Neil Woodford.

“This is a wonderful vote of confidence in Atom Bank,” said CEO Mark Mullen.

“With Atom, customers will have a bank in their pocket that is ready whenever and wherever they need it.”

Reactions

Commenting, Kevin Mountford of MoneySuperMarket, said the news that Atom Bank will become the first fully digital bank in the UK was “extremely exciting”, both for the industry and consumers.

“The FCA and PRA granting a full banking license means greater choice and genuine competition in the banking sector is on the way. It will be interesting to see what type of products they will launch with and how their app based approach will differentiate them from their high street competitors.”

While a launch date and product information is yet to be announced, consumers can pre-register for accounts via the bank’s website.

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