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Tandem bank starts 2019 with half a million customers

Digital bank, Tandem, has announced that it has now welcomed more than 500,000 customers, just a year on from being granted a full banking license.

 

2018 was a transformative year for Tandem, from obtaining a banking license in January with the acquisition of Harrods Bank, to launching a suite of products to consumers and cementing its place as a leading UK digital challenger bank.

Tandem is now looking ahead to what will be a pivotal year in its journey, starting with the launch of a new account packaged with an intelligent savings tool.

Tandem shape their products with the help of their active community, which began with 11,000 co-founders who have been with Tandem from the start. 

Ricky Knox, Tandem co-founder and CEO, says, “We founded Tandem with the goal of solving real people’s problems with money. That means talking to our customers, looking at what milestones and goals they need our help with and building fair products to support them. Being fair is about making less money on deposits and loans and passing those benefits onto our community.”

In November Tandem secured a £15 million investment from Convoy, which marked Tandem's first overseas partnership. In the coming year, Tandem is making plans for growth, with expansion being planned for both Western Europe and Asia, taking their personal brand of digital banking to new markets.

Ricky Knox, adds, “We are looking to capitalise on the wave of virtual banking around the world. New digital banks are finding their feet and breaking in to the mainstream in the UK so the natural progression is to move into Western Europe where the sector is already gaining momentum, as well as growing markets in Asia.”

Ashleigh Smith
Article by Ashleigh Smith
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