Tandem is building a bank and financial management universe, focused on freeing users from financial stress by making money simple.
|Funding Status:||Venture Round|
|Location:||London, United Kingdom|
|Number of employees:||51-100|
|Founders:||Matt Cooper, Michael Kent, Ricky Knox|
Target geographic market:
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)
|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)|
|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|
|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|
|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|
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