Tandem Bank is set to acquire money management app Pariti, subject to regulatory approval.
The app has over 95,000 users who will transfer over to Tandem.
As part of the acquisition, Matthew Ford, CEO, and Peter Townsend, CTO, both at Pariti, will join the Tandem team and bring with them significant experience in the fintech space.
Both previously worked at OnTrees, a personal finance app which was acquired by Moneysupermarket in 2014.
“We're thrilled to have the team from Pariti on board,” said Ricky Knox, CEO at Tandem (pictured above).
“Both Matthew and Peter are incredibly talented guys who will be able to contribute to our banking app from day one.”
Pariti is integrated with financial institutions, including Zopa and Lendable, and has helped its users manage over 32 million transactions.
Tandem's acquisition follows its announcement that it will be partnering with AI experts Personetics to give its users personalised insights into their daily spending.
This will allow Tandem app users to receive notifications about unusual spending activity, tips on how to avoid fees, a 'heads up' on potential balance shortfalls and 'get ahead' insights into opportunities for savings and investments.
Ricky added: “Pariti was leading the pack when it came to account aggregation and acquiring this app will give a boost to our already advanced offering.”
Following the acquisition, Pariti users will continue to be able to access all their accounts in one place via the Tandem app.
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