UK challenger Tandem has revealed ambition for an IPO within the next five years following a surge in customer acquisition rates.
Matt Ford, Tandem’s product and marketing director, told the Press Association that an IPO was the natural next move as the group builds scale.
“We want to build this customer-centric business and then an IPO makes perfect sense, having the public buy into that business and it grow further”.
With one eye on the current Unicorn valuations doing the rounds in the challenger bank space, Ford said an IPO would probably take three to five years, but if the company takes off “very quickly it might be at the shorter end”.
The challenger has attracted over 500,000 customers from a standing start this year, surpassing internal targets for 150,000 users.
Ford says the company is planning a recruitment drive to cope with demand, adding 60 new staff and moving to new premises with the capacity to house 220 employees.