Tandem

Description

Tandem is building a bank and financial management universe, focused on freeing users from financial stress by making money simple.

Overview
Type: Private
Funding Status: Venture Round
Foundation year: 2013
Location: London, United Kingdom
Number of employees: 51-100
Founders: Matt Cooper, Michael Kent, Ricky Knox
Website: https://www.tandem.co.uk/
Target geographic market:

Europe

Awards:

Moneynet Awards 2019: Best New Credit Card; CFI.co’s Awards Programme: Best Neo Bank UK 2019 (May 2019); The Consumer Credit Awards: “Best Credit Card Provider” and “Innovation of the Year” (July 2019); The Paytech Awards: “Best Cards Initiative” (July 2019)

About Product/Service
Products Current accounts, savings accounts, time deposit accounts, credit cards
Core product offerings for individual/retail customersUK Current account
Regulators/ComplianceTandem Money Limited (FRN: 684908) is authorised and regulated by the Financial Conduct Authority. Tandem Bank Limited (FRN: 204479) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Money protected to £85,000 by the FSCS.
The Base Currency£ (GBP)
 
Product cost-
Openning a current account (business and personal)Be 18 or older; Be a UK resident, and have three years of address history in the UK
Issuing physical card and deliverywithin 3-7 working days
ATM withdrawals2.5% or a minimum of £2.50. Interest is charged from the day the cash withdrawal is processed. There are no fees on cash withdrawals abroad. You can withdraw up to 30% of your credit limit, and not more than £500 per day.
Minimum USD deposit required to open (a) a personal account (b) a business account £1,000
(a) a personal accountYes

Key people

Funding rounds

Last Funding Date Mar 9, 2020
Last Funding Amount £60M
Last Funding Type Venture Round
Total Funding Amount £134.3M
Number of Funding Rounds 5

Financials

Customer/Products segments Credit: Mastercard, Individual/ Retail Current Accounts, Remittances/International Transfers
Key product offeringJourney Credit Card, Fixed Saver account
Banking licenseTandem has obtained a UK banking license after it acquired Harrods Bank, the banking arm of luxury department store Harrods, in early 2018.
Type of customersRetail customers
Number of investors 11
Number of lead investors2
Names of lead investorsConvoy Global Holdings, Qatar Investment Authority
M&ATandem has acquired pariti on Mar 13, 2018 and Allium Money on Aug 24, 2020

Tech stack

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