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Tandem drops 'Bank' from its name

22 May 2017  |  8715 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.

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