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 customers | UK Current account |
| Regulators/Compliance | Tandem 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 delivery | within 3-7 working days |
| ATM withdrawals | 2.5% 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 account | Yes |
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 offering | Journey Credit Card, Fixed Saver account |
| Banking license | Tandem has obtained a UK banking license after it acquired Harrods Bank, the banking arm of luxury department store Harrods, in early 2018. |
| Type of customers | Retail customers |
| Number of investors | 11 |
| Number of lead investors | 2 |
| Names of lead investors | Convoy Global Holdings, Qatar Investment Authority |
| M&A | Tandem has acquired pariti on Mar 13, 2018 and Allium Money on Aug 24, 2020 |
Tech stack
Competitors
| Founding Date | Type | Tags | |
x Hufsy Hufsy offers a bank account customised for... | 2015 | Private | fintech, challenger banks |
x Yoti Yoti is a digital identity system that provides a... | 2014 | Private | |
x Cashplus Cashplus is a leading digital challenger to UK... | 2005 | Private | Challenger banks, fintech |
x Neon (Brazil) Neon is a digital bank that offers credit cards,... | 2016 | Private | |
x MYbank MYbank, a leading online private commercial bank... | 2015 | Private | fintech, challenger banks |
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