Woodford buys into digital bank Atom

Neil Woodford has invested into digital bank Atom through his CF Woodford Equity Income fund alongside a number of other institutional and private investors.

The bank is set to launch in 2015 and says Woodford is a “cornerstone” of its shareholder base which has raised £25m of equity investment.

As well as Woodford other investors include Polar Capital, former Goldman Sachs chair Jim O’Neill and ex-Brewin Dolphin chief operating officer Simon Still.

Durham-based Atom now has a total of 70 investors in its shareholder base.

Atom chief executive Mark Mullen says: “We have a very talented group of people working hard to bring Atom forward as the first real alternative to a market that is dominated by the UK’s High Street Banks.

“We continue to make progress through the necessarily testing regulatory approval process and are well on with building the products, services and technology that will make Atom stand out.”

Mullen is former chief executive of First Direct but left the firm to join Atom in March this year.