19 October 2017

Tandem drops 'Bank' from its name

22 May 2017  |  7659 views  |  0 digital banking

Tandem appears to be pivoting from its original mission to launch a new app-driven saving bank in the UK, changing its name at Companies House from Tandem Bank Limited to Tandem Money Limited.

The startup has undergone a turbulent time of late after Sanpower, the Chinese conglomerate which owns House of Fraser, was forced to cancel a £29 million cash injection intended to help the startup meet regulatory capital requirements.

The news was seen as a serious blow to Tandem's ambitions to launch as a full bank, forcing it to miss licencing deadlines imposed by the Prudential Regulatory Authority.

At the time, Tandem chief Ricky Knox said the startup would go ahead with the launch of its mobile app under FCA rules, but without the planned savings product as its centrepiece.

The company has since laid off thirty staff, reducing the number of full-time employees from 110 to 80

The change of name was notified to the Registrar at Companies House late last week.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Ex-Tandem CTO onboard for Dubai-based digital bank

Ex-Tandem CTO onboard for Dubai-based digital bank

17 May 2017  |  5945 views  |  0 comments | 3 tweets | 7 linkedin
Tandem rocked by £29 million funding halt

Tandem rocked by £29 million funding halt

20 March 2017  |  7503 views  |  0 comments | 11 tweets | 12 linkedin
House of Fraser invests £35m in neobank Tandem

House of Fraser invests £35m in neobank Tandem

03 January 2017  |  14874 views  |  0 comments | 21 tweets | 15 linkedin
Tandem Bank welcomes its first customers; Loot steps into the fray

Tandem Bank welcomes its first customers; Loot steps into the fray

04 November 2016  |  10050 views  |  1 comments | 9 tweets | 15 linkedin
Tandem hits crowdfunding target after rocky start; oversubscribes push total to £2 million

Tandem hits crowdfunding target after rocky start; oversubscribes push total to £2 million

19 May 2016  |  10187 views  |  1 comments | 20 tweets | 13 linkedin
Tandem Bank seeks engagement with 'Co-Founder' community; Omidyar invests

Tandem Bank seeks engagement with 'Co-Founder' community; Omidyar invests

05 April 2016  |  8090 views  |  0 comments | 12 tweets | 12 linkedin
Tandem selects Fiserv Agiliti as IT backbone

Tandem selects Fiserv Agiliti as IT backbone

09 February 2016  |  7401 views  |  1 comments | 9 tweets | 7 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.capgemini.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15636 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8799 views comments | 16 tweets | 22 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7897 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7036 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6174 views comments | 6 tweets | 3 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job