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Tech

Atom Bank to create 70 jobs after securing £10m of new investment

The mobile only bank has received a £10m grant but will invest a further £15m of its own money in its growth

Will.i.am with the Atom Bank team in Durham(Image: Atom Bank)

Durham's Atom Bank is creating 70 jobs in the North East after securing a £10m grant to fuel its expansion plans.

The mobile-only bank will create 55 high-skilled jobs in the region, including engineering and data science roles, along with a further 15 graduate and apprentice roles.

Its expansion will increase its headcount to around 418 in the North East.

Atom said it will also use the money to "address overlooked customer needs", while delivering "change and innovation". It added that the cash would help drive economic growth by allowing the bank to support small businesses.

Edward Twiddy, Atom's chief customer officer, said: "As a fast growing entrant from the North East of England we know just how hard it is to get a business off the ground and are committed to supporting smaller businesses with a streamlined and truly digital offering that will allow them to thrive."

The investment has been made after the company was awarded a £10m BCR grant. The cash has been received from Pool C of the £425m Capability and Innovation Fund (CIF), which is part of a £775m package administered by Banking Competition Remedies Ltd.

Atom Bank is also investing £15m of its own money into its growth plans.

Ed Twiddy(Image: handout)

As part of Atom's BCR bid the company has committed to using the money to create a suite of Smart Lending products designed for small businesses. They will use Atom's unique smart contract technology as well as artificial intelligence.