Tandem gets banking licence after closing Harrods Bank acquisition

Source: Tandem

Tandem has today completed the purchase of Harrods Bank following regulatory approval by the Prudential Regulation Authority, a division of the Bank of England, and the Financial Conduct Authority.

The deal gives the Tandem group a banking licence, access to Harrods Bank customers and £80 million of capital. It also brings Tandem a £375 million mortgage book and over £400 million of deposits.

Tandem is an app-led banking service that lets customers see all their financial information in one place and pro-actively helps them save money.

Tandem is currently rolling out a travel and cashback card ranked as a “Top Pick” by Money Saving Expert, as well as competitive savings products throughout 2018.

Tandem was built with over 11,000 Co-Founders who helped develop everything about the business, from the name to the product range.

Tandem’s takeover of Harrods Bank, coupled with its growing product range and unique vision to improve customers lives, puts it far ahead of its rivals.

Ricky Knox, Tandem’s CEO, says, “Building a good bank is incredibly important to us. And the acquisition of Harrods Bank means we can now confidently develop innovative services in line with our mission to make our customers’ lives richer.”

Ricky Knox adds, “With our new banking licence, our banking app and our fast growing range of services, 2018 is going to be a great year for Tandem”.

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