NORTH-EAST bank Atom has stepped up its bid to secure £75m of funding to support its launch this summer.

The Durham City-based lender has drafted in bankers from wealth management firm Canaccord Genuity to raise the capital from existing and new investors, according to reports.

Atom has already attracted a list of high profile shareholders, most notably Jim O'Neill, the former Goldman Sachs chief economist, and fund manager Neil Woodford.

North-East businessmen Jeremy Middleton, the Newcastle-based co-founder of Homeserve, and car magnate Sir Peter Vardy, as well as Paul Pindar, a former chief executive of the outsourcing group Capita, are among Atom's shareholders.

The challenger bank has been using £25m of support made by investors last year to build up its team of senior managers and office staff at its Aykley Heads offices.

The business expects to have a workforce of about 150 when it starts offering services later this year, an eventually increase staff numbers at its North-East base to more than 450 over the next five years.

Atom will operate no branches, but plans to manage current accounts, mortgages and business banking online and via mobile apps.

The venture, which hopes to be awarded its banking licence in the coming weeks, is the brainchild of industry pioneers Anthony Thomson, co-founder and former chairman of Metro Bank, and Mark Mullen, formerly of First Direct.

In the meantime, peer and former MP John McFall has left his role as a director of Atom Bank after six months in the job.

He is moving to become deputy chairman of the new Banking Standards Board, which would create a conflict of interest if he remained in his non-executive role at the Durham bank.

“Regrettably for us, he cannot participate on the board of a bank and fulfil the responsibilities of this role which he views as the logical culmination of his work to improve banking standards during a distinguished parliamentary career,” Mr Mullen said, adding that Mr McFall’s replacement on the Atom board will be announced shortly.