Tandem Bank is to kick off its £1 million crowdfunding campaign on 20 May with the support of Seedrs, enabling future customers to own shares in the mobile-first challenger bank.
Tandem will be hoping to emulate the success of Mondo in March, which generated £1 million in pledges in a record-breaking one minute and 36 seconds on crowdfunding platform Crowdcube.
Tandem has already established a 5000-strong 'Co-Founder Community', through which members of the general public receive one share in the startup and exclusive access to new products in exchange for feedback and closer engagement with the bank.
For the crowdfund, members of the public will be able to invest for a minimum of £15, taking shares at the same valuation as large institutional investors including Route 66, eVentures and the Omidyar Network - set up by Pierre Omidyar, the founder of eBay.
Ricky Knox, Founder of Tandem, says the putative bank has already raised £22 million in funding from institutional investors and is currently in ‘active testing’, with a handful of accounts live.
It's the first time Knox has gone public on the funds raised for the launch, saying that the bank will go live later this year with a valuation of £65 million.