Atom Bank has been given the green light by UK regulators.
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have granted the Durham-based brand a full UK banking licence.
As yet there are no products to speak of, but Atom Bank is promising competitive current accounts, personal loans, mortgages and savings products later this year.
The bank will offer its services online and via a mobile app rather than through highstreet branches to cut down on costs and provide a better service.
But there will be a customer service team on hand 24 hours a day to provide support by phone, chat, email and through social media to those that need it.
Atom Bank is the latest ‘challenger bank’ to emerge to test the dominance of traditional big banks like Barclays, Lloyds Banking Group, HSBC and Santander.
And it seems Atom Bank could be just the right bank for the challenge.
Founder Anthony Thomson was behind the launch of Metro Bank, the first new high street bank in more than 100 years.
And Atom Bank's chief executive is Mark Mullen, formerly of First Direct, which regularly tops customer polls on service and products.