The digital challenger bank recently told Specialist Banking that it planned to originate £1m-plus mortgages.

Tandem has seen thousands of customers download its app, and Ricky Knox, CEO at Tandem (pictured above), said that it was his ambition to match Lloyds Bank in terms of customer numbers in 10 years’ time.

Before launching its first product, customers signed up to a waiting list with Tandem.

This allowed customers to get early access to products and services.

In February – a month after the bank acquired Harrods Bank – the waitlist was lifted and Tandem launched its first product to the UK public: a cashback credit card.

In April, Tandem launched three fixed saver accounts available for one, two or three years.

Ricky said that the response to its products had been “incredible”.

“People are using the Tandem app to track their spending, taking our cashback credit card abroad and putting their nest egg away in one of our fixed savers.

“With new products on the way we’re targeting major growth.

“There is a lot of noise surrounding the legacy banks moving into the digital-only, challenger market, which is great.

“However, we are moving at twice the pace and as a small, agile organisation, we are accelerating as we speak.”

He concluded: “Every month it feels like we hit another milestone: we’re always releasing a new highlight, app feature or product.

“We’ve got real momentum at the moment and the response from customers has been incredible.”