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NEWS Atom Bank preps
Will.i.am deal
struck a deal with
Will.i.am which could see him take a multi-million pound stake in the business. According to a Sky News report, the FinTech has agreed terms with the rapper, producer and judge on TV talent show The Voice UK, to act as a consultant and board adviser.
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He would have an option to acquire up to 3.55 million shares in Atom Bank at a price of £1.15-per-share during a three-year period. In return, he will engage in PR activity for the new entrant, attend board meetings and publish social media posts about it.
The tie up follows reports that Atom Bank is set to close a funding round of £100 million in the first quarter of 2017, with support from existing investors. Last year, the venture, which to date has raised £135 million, officially opened to all customers. It was founded by Mark Mullen, former CEO of first direct and Anthony Thomson, pictured, who created Metro Bank, and had previously been in “invitation only” mode, with its iPhone and
Android app available to customers who had expressed interest and been given a registration code.
In 2015, Spanish banking giant, BBVA, invested £45 million in the company, giving it a stake of 29.5%. Other backers include fund manager Neil Woodford’s Woodford Investment Management, Jim O’Neill, the former chairman of Goldman Sachs Asset Management, Jon Moulton, the private equity veteran, and hedge fund, Toscafund. The plan is to follow the aforementioned £100 million round with another £100 million towards the end of next year, and then look at a public listing.
Scott Thompson Apple Pay takes m-payment lead Stateside A
pple Pay has overtaken PayPal to become the most popular mobile payment solution in the US, according to research from Boston Retail Partners. 36% of more than 500 top North American retailers surveyed now support Apple Pay, up from 16% last year. Another 22% are planning to accept it within the
next year. PayPal fell to second place with a 34% acceptance rate followed by Mastercard PayPass at 25%, Android Pay at 24%, Visa Checkout at 20%, and Samsung Pay at 18%. “One of the critical factors for any mobile payment success going forward is education. We have found repeatedly that not only are consumers unsure of how and when mobile payments can be used but, even more telling, associates are unsure,” BRP says. “For mobile payments or mobile wallets to succeed, there must be further education at the Point of Sale to ensure that a transaction using a mobile device is not longer or more complicated than traditional payments methods for either the customer or associate.”
Scott Thompson K digital-only challenger, Atom Bank, has
www.ibsintelligence.com © IBS Intelligence 2017
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