Popstar Will.i.am rumoured to land £4m stake in Atom Bank
According to a Sky News report, the bank, which launched its intermediary-only mortgage proposition at the end of last year, has agreed terms with the musician and judge on TV show The Voice to act as a consultant and board adviser.
The deal would see Will.i.am given the option to acquire up to 3.55 million shares in Durham-based Atom Bank at £1.15 per share over three years, on the basis that the popstar engages in public relations activity for the lender, attends board meetings and publishes social media posts on behalf of the bank.
Shareholders were said to be briefed on the tie-up this month, with this still to be confirmed to existing investors, Sky News said.
Atom launched its mortgage arm last year. Its proposition includes deals for first-time buyers, the self-employed, purchase and remortgage customers and older borrowers, with buy-to-let deals to come.
Atom is expected to reveal the agreement with Will.i.am within weeks of its shareholder meeting, due to be held early next month. Sky News also reported that its latest fundraising plan could also see Atom announce additional commitments from existing investors including BBVA, one of Spain’s biggest lenders, Woodford Investment Management and Toscafund.
The cash injection could amount to £78.5m, with a further £20m rumoured to be in discussion with other firms.
A spokeswoman for Atom Bank declined to comment.