Investors build Atom

Institutional and private investors have backed Atom’s ambitions to be the UK’s first bank designed for digital with £25 million of equity investment.

The Atom Board today announces that Neil Woodford’s CF Woodford Equity Income Fund has become the cornerstone of Atom’s shareholder base.

Among those coming in alongside Woodford are:

• investment management company Polar Capital;
• venture capitalist Jon Moulton;
• former chair of Goldman Sachs Asset Management Jim O’Neill; and
• businessman Sir Peter Vardy.

They join:

• digital financial services investment and advisory company Anthemis Group;
• Chris Thompson of Express Group
• Ian Shepherdson of Pantheon Macroeconomics and one-time chief economist for HSBC in the UK and USA;
• former Brewin Dolphin Chief Operating Officer Simon Still;
• Middleton Holdings;
• Simon Blunt of House Buyer Bureau;
• Tony Henfrey of Texon International and Northstar Ventures:
• Lorna Moran; and
• British Engines Ltd

from amongst Atom’s founding 40 investors.

Udayan Goyal, Founder, Anthemis Group said:

“We believe that the UK banking industry is ripe for disruption and Atom is well placed as a leader effecting this change. The bank has a strong and experienced leadership team in Anthony Thomson and Mark Mullen. Atom is a welcome addition to our investment portfolio as we continue to focus on reinventing the financial services landscape.”

Atom’s shareholder base now extends to over 70 investors. Anthony Thomson, Chairman of the Atom board, said:

“The quality and commitment of our shareholders is testimony to the strength of the Atom business proposition, the executive team and the board. As we continue to move closer towards authorisation, our strong financial position and the support from individual and institutional shareholders positions us well for our planned launch in 2015. With great commercial and technology partners already on board the business is growing strongly on firm foundations.”

Welcoming this important landmark for the business, Mark Mullen, Atom’s CEO, said:

“We have a very talented group of people working hard to bring Atom forward as the first real alternative to a market that is dominated by the UK’s High Street Banks. We continue to make progress through the necessarily testing regulatory approval process and are well on with building the products, services and technology that will make Atom stand out.”

Atom has been advised through its funding raising by Simon Watts and Ben Butler from national law firm Bond Dickinson working alongside the Newcastle and London offices of PWC. Atom has over 70 people working from its base in Durham and is actively recruiting through its HR partner NRG. More information on the firm and opportunities with Atom is available at www.atombank.co.uk.

Editors notes: Atom isn’t yet a bank, but we’d like to be. So we’re applying to the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to become one.

Founded a year ago and based in the City of Durham, we have a growing team of people drawn from across the country working with local and national partners in the UK to help bring pioneering technology to Europe for the first time. We are building the UK’s first bank designed specifically for mobile digital technologies offering all day, every day banking and a very efficient cost model.

We have a highly experienced executive team, led by CEO Mark Mullen who has 25 years’ experience in commercial and retail banking and was previously CEO at the multi-award winning telephone and internet bank, first direct. He is supported by Dave McCarthy, Edward Twiddy, Stewart Bromley, Lisa Wood, Craig Iley, Rachel McLauchlen, Brian Seal, Andy Givens, Paul Hanks and Richard Baker – a senior team drawn from across the financial services and related industries.

We have a strong non-exec board; our Chairman Anthony Thomson was founder and former Chairman at Metro Bank. He is also Chairman of the Financial Services Forum, the UK’s leading membership organisation for senior FS industry executives and Chairman of the National Skills Academy for Financial Services, a national charity. Anthony is joined by nonexecutive directors Bridget Rosewell OBE, Patricia Jackson, John Deane and Jon Hogan.