With the grant of the licence, Atom Bank can now launch its products and services to customers later this year. The bank is projecting itself as a low-cost alternative to the traditional branches.
It will initially offer its services through mobile apps and the internet, with wearable devices on the cards in future.
Atom is currently working on developing features such as biometric security and in-app account opening for its app to further its aim of creating a branch-free, paper-free and stress-free bank.
Atom has reportedly raised funds worth £25m ($39.4m) till now with the help of various investors including investment industry veteran Neil Woodford.
Speaking about the awarding of licence, Atom CEO Mark Mullen said: "Atom will offer a quality of digital experience without parallel in this sector or in many others. Our team reflects this. Between us we’ve built and run some of the most highly respected banks in the UK, brought ground-breaking innovation to manufacturing and service businesses, and created great software with a worldwide reach
"Now all of this is being poured into building Atom so that customers will have a bank in their pocket that is ready whenever and wherever they need it."
