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Retail giant to invest £35m in challenger bank

Tom Belger | 08:59 Tuesday 3rd January 2017

Challenger bank Tandem has announced a multi-million-pound partnership with House of Fraser.

The retailer has made an initial commitment to invest £35m in Tandem, subject to preconditions being met.

The deal will see Tandem accelerate its growth by providing financial solutions to House of Fraser's customer base.

Ricky Knox, founder and deputy CEO at Tandem, said: “House of Fraser is one of the great loved retail giants, with a customer-centric heritage that aligns closely with Tandem's mission and values.

“We're excited about the opportunity to help their loyal customers with their financial lives.”

This latest investment comes just seven months after Tandem raised £2.1m via crowdfunding platform Seedrs.

The bank began rolling out its offering to its network of 10,000 customers – or co-founders – towards the end of last year and will continue throughout 2017.

Tandem will be accessible online, via an app and through a UK call centre.

Frank Slevin, chairman of House of Fraser, added: “House of Fraser is committed to a transformation of its business over the next five years and this new partnership is just one illustration of how we'll deliver a meaningfully different set of services to our customers.”

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