LONDON — Singer Will.i.am has reportedly agreed to be a consultant to app-only challenger bank Atom and could become an investor, according to Sky News.
Sky reported that the Voice judge has signed up to be a strategic advisor to help Atom stand out from an increasingly crowded market.
Other app-only banks setting up in the UK recently include Monzo, Starling, Tandem, and B, set up by the Clydesdale Bank. Will.i.am will advise the bank on branding and also send out social media posts, Sky said.
Under the terms of the deal, Will.i.am has the option to acquire 3.55 million shares at £1.15 each over three years, equating to a £4 million stake in the startup bank, according to Sky.
A spokesperson for Atom told Business Insider the bank could neither confirm nor deny the story.
Atom chairman Anthony Thompson, who founded the bank, told Business Insider recently that the bank was close to announcing a fresh £100 million funding round, taking total funding to over £200 million.
Thompson, who also helped set up High Street challenger bank Metro, set up Atom in 2014. The bank opened digital savings accounts to the public in the middle of last year and has already attracted over £100 million in deposits. It recently launched a digital mortgage product.
Blackeyed Peas singer Will.i.am has dabbled in tech over the last few years, investing in startups such as app Knock Knock and launching gadgets such as his own line of headphones.
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