Rapper will.i.am ‘agrees £4m deal with Atom Bank’
Digital bank Atom has reportedly agreed a £4 million deal with rapper will.i.am to give it a distinctive presence on social media.
Sky News reports that the founding member of the Black Eyed Peas is to act as a consultant and board adviser to the Durham-based banking start-up.
Its source said the musician and producer, a judge on The Voice, has agreed an option to acquire up to 3.55 million shares in Atom Bank at a price of £1.15-per-share during a three-year period.
In return he will perform public relations activity for Atom, attend board meetings and publish social media posts about the company, said Sky.
Atom chairman Anthony Thomson also founded Metro Bank, the first new high street lender in more than a century.
He believes that there is great potential for a service-led bank which doesn’t have the costs associated with running high street branches.
However, as the digital lending space becomes more competitive, the deal with will.i.am is intended to bring Atom into the public consciousness.
Atom employs more than 250 people in the North East.