Economic Secretary to the Treasury, Lucy Rigby KC MP, has been in Newcastle to formally open the new state-of-the-art headquarters of digital challenger bank Atom Bank in the city’s The Pattern Shop.
The Minister was joined by Cllr Karen Kilgour, leader of Newcastle City Council, who have been responsible for the regeneration of the building. The Economic Secretary addressed a company-wide meeting and unveiled a commemorative plaque to mark the move, which confirms the digital bank’s commitment to the region, bringing nearly 600 jobs to the city.
In addition to meeting new starters to the bank, as well as a group of Atom’s apprentices and graduates to talk about digital skills, the minister had demonstrations of the efficiency of Atom’s lending processes and the bank’s support for vulnerable customers as part of a tour of the building.
Accompanied by local business leader and member of the Mayor’s Business Board, Sophie Milliken MBE, the Economic Secretary also held a discussion with 12 female founders from across the region to understand their successes and the barriers to entry for female entrepreneurs.
Atom also used the opportunity to introduce the minister to some of the region’s most innovative start ups from the life sciences, low carbon and financial services sectors, along with local providers of early stage venture capital and SME loans. Their discussion focused on financing and barriers to competition for firms with high growth potential in sectors identified as critical to the UK’s success by the Government’s Industrial Strategy.
This strategic relocation from Durham, a multi-million-pound investment, supports Atom’s rapid growth, hybrid working model, and mission to redefine modern banking, serving as a hub for innovation.
The move also reaffirms Atom’s dedication to the region. As well as bringing new jobs to the city, the digital bank supports the North East through its Early Careers Programme, which enhances social mobility and access to opportunities. This includes the Atom Futures Fund for students from low-income or care backgrounds, two AMI Women in Technology Scholarships with Durham University, the EY Smart Futures programme and a Graduate Scheme to develop future leaders across various departments.
Rigby said: “Atom bank’s decision to expand in Newcastle and bring nearly 600 high skill fintech jobs with it is another clear vote of confidence in the UK’s world leading fintech sector.
“This investment will support long term careers in cutting edge high skill jobs, help power local growth and put more money in people’s pockets.”
Mark Mullen, CEO of Atom Bank, added: “We are incredibly proud to welcome the Economic Secretary to The Pattern Shop. This building has a legacy of innovation dating back to Robert Stephenson’s pioneering work, and now we are writing the next chapter. Our new office represents not only a commitment to the North East, but a commitment to our people—providing a modern, flexible and collaborative working environment that allows us to build a bank that will be here for another hundred years and beyond.”
