Atom Bank, a digital "challenger bank" in the U.K., has agreed to a deal with the rapper and producer Will.i.am to act as a consultant, with an option to acquire a multimillion-dollar stake in the startup.

The alliance is an example of how consumer-facing fintech ventures are trying to court millennials, a generation that grew up with the Internet and came of age during the financial crisis and the rise of the smartphone.

According to a published report, the deal gives Will.i.am an option to acquire up to 3.55 million shares in Atom Bank at a price of 1.15 pounds (about $1.43) per share during a three-year period. Atom in 2015 became the first app-only bank to be granted a U.K. banking license. BBVA’s investment arm also owns a 29.5% stake in Atom.

Will.i.am. speaks during the DreamForce Conference in San Francisco in October.
Will.i.am. speaks during the DreamForce Conference in San Francisco in October. Bloomberg News

Will.i.am will advise the bank on branding and send out social media posts, according to the report. He's currently a judge on the British talent show "The Voice UK." In 2014, 3D Systems, a maker of 3-D printers, hired him as its chief creative officer.

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Bryan Yurcan

Bryan Yurcan

Bryan Yurcan is a senior writer with American Banker, with a focus on financial technology.