The Durham-based digital bank has secured North East business investors to launch its challenge to traditional high street banks
Atom Bank, the pioneering “digital only” lender, has raised £25m from top investors to launch its challenge to traditional high street banks.
The Durham-based challenger has attracted backing from top fund manager Neil Woodford OBE, who leads a group of 70 institutional and private investors.
Mr Woodford’s CF Woodford Equity Income Fund provides the “cornerstone” of Atom’s shareholder base, which also includes North East backers from previous rounds.
Regional investors include Sir Peter Vardy, NRG’s Lorna Moran, British Engines and Jeremy Middleton, while others include Jim O’Neill, former chair of Goldman Sachs Asset Management, Polar Capital, Anthemis Group.
The latest round adds to Atom’s base of 40 founding investors, and will be followed with a further fund raising exercise in Spring 2015 which aims to secure £100m to fund the bank’s balance sheet.
Speaking to The Journal, Edward Twiddy, Atom’s chief operating officer and director of innovation, said the money would be used to continue recruitment and the cementing of partnerships.
Mr Twiddy said: “This is money has been put in place to build the bank. It will allow us to continue recruitment and initiate partnerships, particularly with the organisations which will be providing the technology behind Atom.
“It would be completely wrong to suggest anything other than the North East’s support for Atom is making this a reality. Our regional founding investors have provided the basis for us to take our proposition national. We really can’t underestimate the backing of the North East.”
He added: “This fund raising shows that in a risky environment people are still looking for great ideas to invest in.
“We have brought in a number of investors who will be able to follow up their initial investment in subsequent rounds. There are also unnamed parties who have the capacity to come forward in the future.”
Following the investment announcement Atom chief executive, Mark Mullen, said: “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.”
Udayan Goyal, founder of digital financial services investors, Anthemis Group, said: “We believe 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.”
In the next week Atom’s digital development team, who will be building the bank’s app, among other features, are due to move into the Durham headquarters.
Mr Twiddy confirmed this group is likely to grow in early January as recruitment through Newcastle-based NRG continues.
Atom confirmed that none of the current shareholder base will assume board positions, even though the size of Neil Woodford’s investment would allow him to do so.
A further major board appointment is expected to be announced in January. The candidate will join Lord John McFall, a member of the Parliamentary Banking Standards Commission, among others who were recently announced.
Support for the fund raising came from Simon Watts and Ben Butler from law firm Bond Dickinson, working alongside the Newcastle and London offices of PwC.
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I try to avoid deep fried foods but I just can't help myself when it comes to hushpuppies. This is my favorite hushpuppy recipe, it's a recipe that I have created from tweaking other recipes here and there. I think the Seasoned Salt in it makes a huge difference in the taste, it gives it just the little kick that it needs. Now, I am not one to add corn to my hushpuppies, but I am sure that you could add corn into this recipe without any problems.
1. Preheat oil to 350 degrees for frying. I fry my hushpuppies in a deep fryer but you can use a deep skillet.
5. Drop the hushpuppy batter one teaspoon full at a time into the hot oil. Be sure to rinse your spoon in water between each hushpuppy.
6. Fry until golden brown. Be sure to turn them while they are cooking so they are browned each side.
7. Allow grease to drain from hushpuppies by removing them to a brown paper bag, newspapers, or paper towels.
Daeriul sat upon the boulder where she had developed a sense of security around. This was the place where she came to reminisce when she could not sleep and slipped out of Cerin Amroth in the dead of night.
A twig snapped and Daeriul quickly turned; her daggers in her hands. Haldir stood a few feet away from her, hands in the air as though he was to defend himself. Daeriul slipped the daggers back into her belt and climbed off the rock.
Daeriul grinned at him, letting him know that she was not being serious. But she seemed different to him, edgy. He spoke to her cautiously, wary of what he said to her.
She began to walk alongside the stream that lay near them, walking easterly. Haldir walked beside her, watching and waiting for what she was to say next.
"-but this news puts us all in grave danger. My father&apos;s scout has returned from the East with reports that the Uruk&apos;Hai are massing. They are coming to Lothlorien, to destroy us."
Haldir&apos;s face changed, pain etched across his face for he knew that they could not win if they were attacked. Seeing his pain Daeriul quickly finished.
"We do not why, and we do not know if they shall attack Gondor or Rohan as well. What we know is that we will have to flee, either to Rivendell or Mirkwood, even there I am not sure if we will be safe."
Daeriul grew silent, flinching at what she had said. She hated to break bad news to those whom she loved dearly. She walked silently along, waiting for Haldir to reply to what she had just said, but he too remained silent. Daeriul realised that they had reached the eastern border of Lorien.
Haldir stopped as well, they both looked out across the vast plains of the Brown Lands, Daeriul&apos;s gaze was fixed upon Mirkwood. She could see Dol Guldur peaking high above the dark trees.
Daeriul&apos;s sight fixed upon the shape that Haldir was pointing at. She watched the shape, it was moving as one at a great speed, towards them.
She gasped for breath and realised what had just happened. She quickly turned back into the forest, running as fast as she could, hoping that she could make it back to Cerin Amroth before it was too late.
Haldir heard Daeriul gasp for breath beside him, after he had pointed out the dark shape. He saw that her hands were braced upon her knees, beads of perspiration on her face.
Before he could ask her what the matter was, she ran back into Lorien. He called after her but his words echoed in the dense trees, with no reply.
She felt a slight trickle of liquid flow down her face. Her hand flew to the cut, and became covered with thick blood.
Daeriul stood; she could not let this trivial cut stop herself. She took a few more steps but fell to the forest floor, dizzy. But still she surged forward, she had to warn her people before it was too late.
She fell to the ground again; she had no strength to pick herself up. As her vision darkened she began to mentally scold herself, she knew it was too late. The Uruk&apos;Hai were coming, and now she could not warn her people. Blood will be spilt, of elves and Orcs alike.
Through the engulfing darkness a hideous face grinned down at her, it spoke in harsh, common speech.
"This is her, the master will be pleased. Pick her up, the rest of you can go to the city, destroy everything."
He laughed and Daeriul shuddered at the cold, clawed hands that picked her up. She was swung over one of their backs harshly.
She lifted her head weakly and saw a great band of Uruk&apos;Hai running in the direction of Cerin Amroth. Her eyes closed and she saw no more.