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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
-
Customers pay nearly £500 more than the advertised personal loan rate
Customers paying for an £8,000 personal loan over four years have paid on average £453 (2.61%) more than the advertised rate, according to the latest research...
-
Leek United appoints new Ashbourne branch manager
Leek United has appointed Abigail Bowden (pictured above) as the new manager of its Ashbourne branch in Derbyshire...
-
UTB enters specialist remortgage market
United Trust Bank (UTB) has launched a new residential remortgage product range...
-
FCA fines Bank of Scotland £45.5m for failing to report fraud suspicions at HBOS Reading
Bank of Scotland (BOS) has been fined £45.5m by the FCA for failing to disclose information about its suspicions of fraud...
-
N26 introduces MoneyBeam to UK users
N26 has introduced MoneyBeam to its UK users which will enable them to instantly send money to other users of the mobile bank...
-
NatWest names new CEO for Mettle
NatWest has named Marieke Flament (pictured above) as the CEO of its SME digital banking subsidiary Mettle...
-
CYBG to rebrand as Virgin Money and launch a new business current account
CYBG has revealed that it will rebrand to Virgin Money over the next two years with new Virgin Money-branded products...
-
New bank Chetwood Financial reveals long-term ambitions
Chetwood Financial is aiming to use technology to offer better deals to customers, having secured a banking licence late last year...
-
The opportunity for accountants to help businesses
In light of bank and building society branch closures, a new report published by Oxford Economics in partnership with Funding Circle has revealed that in the UK — despite the vast economic output generated by SMEs — small business lending accounts for only 2% of banks’ balance sheets...
-
Paragon Bank’s structured lending team passes £100m milestone
Paragon Bank’s structured lending team has passed its £100m milestone 18 months after launching...
-
Hanley Economic expands intermediary support team
Hanley Economic Building Society has appointed Kate McKeon (pictured above) as an intermediary sales assistant...