Atmen: Sticking their necks out
Members of the Windrush generation set up the UK’s first credit union back in 1964. Today, credit unions in the UK boast some two million members. But to date, no established, Black-owned, UK-founded bank exists.
Atmen’s offering will start off with a prepaid debit card. This card can be used for free in-app peer-to-peer (P2P), multi-currency and foreign currency exchange transfers.
These foreign exchange fees will make up a big portion of Atmen’s income to start off with, as the start-up is tapping a community that commonly sends money back home to the Caribbean and Africa.
Once the challenger is up and running with its P2P offering, it will look to move into business loans. “A lot of Black businesses struggle, especially start-up, when it comes to financing,” says Abibu.
As well as a two-pronged revenue approach, the bank also has plans to expand across Europe and the US. Its BaaS already carries all the licensing the start-up needs to make this possible.
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