“Operating a business in a rapidly changing environment means fintech companies face different risks as they evolve, including technology failures, cyberattacks and data breaches.”
Atom Bank was founded in 2014 as the first fully app-based bank in the UK. Employing over 400 people at its Durham head office, the bank offers a range of mortgages, savings accounts and business loans.
Gallagher will now assess how it could support the Bank in the risks it faces as it grows and potentially undertakes an IPO.
Andrew Morton, Sales Manager at Gallagher, commented: “The UK fintech industry has made more investments than any other country in Europe and generated nearly £11 billion in revenue in 2021. Innovative UK-based fintechs such as Atom Bank, have paved the way for the transformation of modern banking by leveraging technology. – allowing private and professional customers to manage their finances in one click.
“Operating a business in a rapidly changing environment means fintech companies face different risks as they evolve, including technology failures, cyberattacks and data breaches. Traditional financial institution insurance won’t always cover technology-related risks, and tech company policies won’t cover risks related to financial services or advice, it’s important that fintechs have tailored coverage, tailored 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 quickly and at scale.
“We are very pleased to be working with Atom Bank, which has established an excellent reputation as a disruptive UK challenger bank, and we look forward to being part of the company’s growth journey in what is shaping up to be a exciting year to solidify it.”
Laura Farnworth, General Counsel and Corporate Secretary of Atom Bank, said: “We were looking to partner with an insurance broker with demonstrable expertise in the fintech industry who could help advise us on the right kinds of insurance and risk management solutions we needed as a company targeting ambitious growth in a rapidly changing industry.From day one, we were impressed with Gallagher’s understanding of the risks we face today and how they could change as we transition to next step in our expansion.