Friday, 26 April 2024
Tandem accelerates growth by acquiring Harrods Bank
Tandem announced that it has signed an agreement to acquire Harrods Bank. The transaction is subject to regulatory approval and all parties involved will work closely with customers and other stakeholders over the coming months to ensure a smooth ownership transition.
Under the terms of the agreement, Tandem will acquire 100% of Harrods Bank and benefit from around £80m of capital coming into the business. The financial terms have not been disclosed. On completion, the bank will operate under the Tandem brand.
The acquisition will accelerate Tandem’s launch plans to offer savings accounts to its customers, subject to regulatory approval, before the end of the year. Tandem’s app, to help customers liberate themselves from the stress of managing their money, is already available in the App and Play Stores and credit cards are set for launch in the next few months.
Ricky Knox, Tandem founder, said:
“Tandem has been built from the ground-up with the help of over 11,000 co-founders, who have helped us shape products and services that really make a difference to their lives. This acquisition will allow us to scale the business and ensure we can introduce as many people as possible to a new way of banking.”
Re-disseminated by The Asian Banker
