British digital-only bank Atom has secured approval to offer retail deposits in Germany in collaboration with local startup Deposit Solutions.
The approval will allow Atom to offer various fixed term savings products without having to set up any additional retail infrastructure in the country.
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Atom CEO Mark Mullen said: “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.
“We remain committed to building a low-cost business model and offering customers simple, transparent and innovative products and services to help them manage their finances with ease.”
Atom received a banking licence in June 2015, and launched operations in April next year. Earlier this year, the bank unveiled plans to halt the launch of its current accounts.
Deposit Solutions CEO Tim Sievers said: “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.”
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By GlobalDataHamburg-based Deposit Solutions offers an open banking platform for instant-access and fixed-term savings. Currently, more than 30 banks including Deutsche Bank and Fidelity’s German subsidiary FFB are connected to its platform.
