Tandem Bank Starts 2019 with Half a Million Customers

January 18, 2019         By: Payment Week

Today Tandem Bank announces that it has reached a landmark 500,000 customers, who Tandem has helped to save, spend and optimise their finances, solving their money issues in the process. 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 offers UK consumers a suite of financial services that allow them to easily manage their money, spend and save. They shape these products with the help of their active community, which began with 11,000 co-founders who have been with Tandem from the start. The bank operates under the principle that it should win when its customers do, offering them leading rates and perks all packaged within its intuitive app.

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.”

 


About Tandem

Tandem is a digital bank that was founded with the goal of finding solutions to people’s money problems and it does so with a unique business model – whether you take out a credit card, a savings account, or switch bills, Tandem wins when you do.

Tandem offers a range of banking products that help people spend and save, all engineered so that the bank only wins when you win. That’s how they keep themselves and everything they do focused on the customer first and foremost. Their top pick credit cards don’t charge fees on overseas spending and offer MasterCard’s leading exchange rate, whilst their savings solutions span market leading fixed term savers and a flexible account powered by smart Autosavings rules that is set to launch in Q1 of 2019.

Tandem gives people control of their money through a banking app that uses account aggregation and artificial intelligence to proactively help them understand what they afford, borrow better, budget for upcoming payments and save on bills, avoiding sneaky fees, rate hikes and forgotten subscriptions. This takes the stress out of money management and leaves people with more money to spend on the things they love.

Tandem Bank Limited is authorised by the Prudential Regulatory Authority and regulated by the Prudential Regulatory Authority and the Financial Conduct Authority

For more information, please visit www.tandem.co.uk