Tandem acquires Harrods Bank
Tandem announced yesterday that it has agreed to acquire 100% of Harrods Bank. The takeover will bring around £80m into the digital banking start-up, allowing it to significantly speed up its launch plans and introduce a savings account.
After facing a funding setback earlier this year, this injection of capital will come as a welcomed boost to the financial services provider.
The deal will take a few months to finalise, it is still subject to regulatory approval, but once completed the whole business will operate under the Tandem brand.
In 2016, Tandem started its community of ‘co-founders’ and invited them to become its first customers.
The founder, Ricky Knox, told Financial Times: ‘Tandem has been built from the ground up with the help of over 11,000 co-founders, who have helped us shape products and services that really make a difference to their lives.’
The launch plan for this year includes the roll out of a credit card – in a range of exciting colours – and a mobile app.
If you would like to keep track of Tandem and other banking challengers in the UK, Mapa has produced a free comprehensive list of providers, including players with a full product offering and those who are still waiting for a banking license.