• Tandem

  Led · Equity · Jan 2017

  Tandem is a UK digital bank that positions itself as the country’s greener bank, focused on helping households reduce their carbon footprint and supporting the transition to a carbon neutral economy. It offers sustainable and simple ways to save, borrow, spend and share, including savings, home improvement loans, mortgages, motor financing and consumer sharing offerings. Underpinning these products is a fintech banking platform with an award-winning app and a digital franchise that supports a growing network of financial advisers and brokers. The company reported significant growth in the past 12 months and described 2022 as transformational. Tandem plans to use new capital to accelerate its green lending proposition and capitalise on growth opportunities. Financially, Tandem completed a £20 million Tier 2 capital raise from Quilam Capital in late June 2023 to reinforce its growth trajectory. Tandem is a digital-only bank that aims to provide the most helpful, not the most painful, banking services. It was the 14th bank to receive a licence from the PRA in the past two and a half years. The company operates a "Co-Founders" program that offers customers equity stakes and solicits advice and product feedback; at one point it offered free shares worth 5% of the business. Less than a year ago Tandem raised over £2 million via the Seedrs equity crowdfunding platform. House of Fraser is planning a £35 million investment in Tandem, a partnership the companies say aligns with their customer-centric missions. Founder Ricky Knox has described the Co-Founders program as a way to build a group of advocates who will become customers and bring others. Tandem offers a mobile app intended to provide a full range of banking products including current accounts, loans, savings and credit cards, with smart notifications and financial guidance. The company secured a banking licence from the Bank of England and the FCA. It employs approximately 90 people. Tandem ran an equity crowdfunding campaign on Seedrs that attracted over 1,500 backers. The campaign raised over £2.34m in equity. Prior to the crowdfunding, Tandem had raised £22m from investors including Omidyar Network, Route66 and eVentures. That earlier funding valued the company at £65m. Tandem is a London-based full-service digital bank that leverages big data analytics and behavioral and human-centered design to deliver low-cost banking to UK consumers. The company is led by cofounder and deputy CEO Ricky Knox and is already licensed by the Bank of England. Tandem plans to start operations later this year in the UK and is actively hiring in London. It recently completed a Series B-1 equity funding round, the amount of which was not disclosed. The round included participation from Omidyar Network (via its Financial Inclusion initiative), Route66 Ventures, e.ventures and investor Nigel Morris. The company is also offering about 5% of its stock to people via a co-founder program in exchange for advice on products and strategy.

No current team members are available.