British digital banking startup Atom Bank has secured a six-figure investment from Newcastle-based Middleton Enterprises.
Created by former Metro Bank chairman Anthony Thomson and ex first direct CEO Mark Mullen, Atom is aiming to launch early next year, hoping to take advantage of the shift in banking from branches to mobile and online channels.
The move into digital-first banking marks an about-turn for Thomson, who was behind the launch of branch-based Metro Bank in 2010, the UK's first new high street bank for over a century.
With the new venture based in the North East, it has now secured the backing of local businessman Jeremy Middleton, who has committed funds through his investment company.
Says Thomson: "This is a very important endorsement for the bank, not only because of the finances involved, but because investors and business leaders in the region recognise that Middleton Enterprises support businesses they believe have great potential to improve the economy in the North East."