"Operating a business in a fast-evolving environment means fintech firms face different risks as they scale up - including technology failures, cyber-attacks and data breaches."
Atom bank was founded in 2014 as the UK's first entirely app-based bank. Employing more than 400 people across its Durham-based headquarters, the bank offers a range of mortgages, savings accounts and business loans.
Gallagher will now assess how it could support the Bank with the risks it faces as it grows and potentially undertakes an IPO.
Andrew Morton, sales director at Gallagher, commented: “The UK fintech industry has had more investment than any other country in Europe and it delivered revenue of almost £11billion in 2021. Innovative UK-based fintechs, such as Atom Bank, have led the way in transforming modern-day banking by leveraging technology - enabling personal and business customers to handle their finances at the click of a button.
“Operating a business in a fast-evolving environment means fintech firms face different risks as they scale up - including technology failures, cyber-attacks and data breaches. Given that traditional financial institution insurance will not always provide cover for technology-related risks, and likewise, policies for technology companies will not cover risks relating to financial services or advice, it is important for fintechs to have tailored cover in place, catering to their unique needs, to provide them with the protection they need to focus on running their business, and to enable them to take advantage of new opportunities to innovate at speed and scale.
“We are very pleased to be working with Atom Bank, which has built up an excellent reputation as a disruptive UK challenger bank, and we look forward to being part of the business’s growth journey in what is set to be an exciting forthcoming year for the firm.”
Laura Farnworth, general counsel and company secretary at Atom Bank, said: “We were looking to partner with an insurance broker with demonstrable fintech sector expertise which could help advise us on the right types of insurance and risk management solutions we needed as a firm targeting ambitious growth in a fast-evolving sector. From day one, we were impressed with Gallagher’s understanding of the risks we face now and how they might change as we move onto the next stage of our expansion.”