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Tandem accelerates growth by acquiring Harrods Bank


Tandem has today announced that it has signed an agreement to acquire Harrods Bank. The transaction is subject to regulatory approval and all parties involved will work closely with customers and other stakeholders over the coming months to ensure a smooth ownership transition. 

Under the terms of the agreement, Tandem will acquire 100% of Harrods Bank and benefit from around £80m of capital coming into the business. The financial terms have not been disclosed. On completion, the bank will operate under the Tandem brand.

The acquisition will accelerate Tandem’s launch plans to offer savings accounts to its customers, subject to regulatory approval, before the end of the year. Tandem’s app, to help customers liberate themselves from the stress of managing their money, is already available in the App and Play Stores and credit cards are set for launch in the next few months.  

Ricky Knox, Tandem founder, said: “Tandem has been built from the ground-up with the help of over 11,000 co-founders, who have helped us shape products and services that really make a difference to their lives. This acquisition will allow us to scale the business and ensure we can introduce as many people as possible to a new way of banking.”


For media enquiries, please contact:

Tandem
Cicero Group
tandem@cicero-group.com / 020 7297 5971

About Tandem:
Tandem’s mission is to help people liberate themselves from the stress associated with money. Built with the help of over 11,000 co-founders, Tandem works in partnership with its customers to help them understand their money, make better decisions, and access banking products and services that reward good behaviour rather than punish bad. Founded by Ricky Knox and Matt Cooper, Tandem has attracted funding from investors including the Omidyar Network and Route 66 and, in June 2016, responded to a call by Co-Founders asking for a way to invest through a crowdfunding campaign. Tandem Money Limited is authorised and regulated by the Financial Conduct Authority.
 
For more information, please visit www.tandem.co.uk