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
Key people
Ricky Knox CEO
Nick Bennett COO
Anthony Murphy CFO
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