Tandem has announced that it has completed the purchase of Harrods Bank following regulatory approval by the PRA and the FCA.
The acquisition gives Tandem group a banking licence, access to Harrods Bank customers and £80m in capital.
It also brings Tandem a £375m mortgage book and over £400m of deposits as well as over 10,000 new accounts.
“The acquisition of Harrods Bank makes Tandem the leading contender in the digital challenger space,” said Ricky Knox, CEO of Tandem (pictured above).
“We have a growing customer base, a range of innovative products and a genuine commitment to building a better bank – a good bank – that saves customers money and takes away their financial stress.”
The app-led banking service is currently rolling out a travel and cashback card, as well as savings products throughout 2018.
“With our new banking licence, our banking app and our fast-growing range of services, 2018 is going to be a great year for Tandem,” said Ricky.
“Building a good bank is incredibly important to us.
“And the acquisition of Harrods Bank means we can now confidently develop innovative services in line with our mission to make our customers' lives richer.”
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