Banking startup Atom signs deal with rapper Will.i.am

US rapper and producer Will.i.am has reportedly signed a deal which will see him become a consultant and board adviser at startup Atom Bank.

Sky News has reported that the deal signed with Will.i.am, real name William James Adams, hands him an option to buy a multi-million pound stake in the business.

It said he will be able to buy 3.55 million shares in Durham-based Atom Bank at a price of £1.15-per-share during a three-year period.

He will attend board meetings, engage in PR and media relations for the company and market the company via his social media following.

Will.i.am has 805,000 followers on Instagram and 13.6m on Twitter.

According to Sky News the announcement will be made within weeks of Atom Bank’s shareholder meeting to agree the latest fundraising for the bank.

It said that Atom had received commitments from BBVA, Woodford Investment Management and Toscafund, all existing investors, to inject a further £78.5m into the company – which would lead to Spanish owned BBVA taking over more than 30% of the bank. Atom will apply to the Takeover Panel to avoid an offer being made.

The investment will go towards filling to hole of expected losses.

Producer Will.i.am. Image courtesy of Michael Sheehan .

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