Tandem Bank is a Blackpool, UK–based purpose-led digital bank focused on helping households reduce their carbon footprint and supporting the UK’s transition to a carbon neutral economy. It offers sustainable ways to save, borrow, spend and share through products including savings, home improvement loans, mortgages, motor financing and consumer-sharing offerings. Underpinning these propositions is a fintech banking platform that includes a mobile app and a digital franchise supporting a network of financial advisers and brokers. Led by CEO Alex Mollart, Tandem is building and expanding its digital banking platform and distribution network. The bank secured £20m in Tier 2 capital from Quilam Capital and intends to use the funds to continue to expand operations and its business reach. Tandem Bank is a London-based digital challenger bank that provides virtual banking services and a technology platform. The bank has more than 300,000 customers and reported an annual revenue run rate of £15m. Tandem Money, the parent company, recorded total costs of £23.5m in 2017, up from £20.4m in 2016. Tandem acquired Harrods Bank last year, which allowed it to regain a banking licence and provided £80m of capital after a prior funding partner reneged. The company plans to expand into Asia—targeting Hong Kong—to challenge incumbent lenders and capitalise on shifting virtual banking regulation, leveraging partnerships and its technology to grow internationally. Tandem Bank operates as a mobile-first digital retail bank focused on millennial customers. The company is led by CEO Ricky Knox and is already authorized by the FCA and PRA. Tandem raised £22m in a Series B-1 venture capital funding round that valued the company at $65m. It is launching a £1m crowdfunding campaign via Seedrs (live May 20). The bank plans to launch operations in late 2016. The funding and regulatory approvals are positioned to support its market entry and product rollout.

Total raised

$77M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Jul 2023