One to watch
Today Tandem is pleased to announce that 100,000 Brits are now using the bank to spend, save, and manage their money. It offers a competitive cashback card to the UK public. Tandem have seen tens of thousands of app downloads, product applications, and eager savers signing up. CEO Ricky Knox’s ambition is to match Lloyds Bank in terms of customer numbers in ten years time.
Tandem have moved from strength to strength after their acquisition of Harrods Bank in January this year. CEO Ricky Knox welcomed the Harrods Bank’s 7,000 global customers with open arms, inviting each individual into his office for a face to face meeting to discuss how they manage their money. Plenty took Ricky up on his offer and remain satisfied customers to this day. The purchase also brought with it a Banking license and £80 million of capital, as well as sizeable loan and mortgage books. Tandem became the UK’s leading challenger bank overnight and began helping people UK wide save, spend, and earn right away.
Before Tandem launched its first product it managed the huge groundswell of interest by placing people on a waitlist. The waitlist allowed thousands of interested customers to get early access to products and services. In February the waitlist was lifted and Tandem launched their first product, a cashback credit card, to the UK public.The card boasts a winning combination of 0.5% cashback on all purchases, no overseas transaction fees, market leading exchange rates, and real time in-app updates every time you use the card. In April savers were rewarded with a choice of three fixed saver accounts, boasting competive fixed rates for one, two, or three years. Now 100,000 happy customers are spending freely abroad, nurturing nest eggs, and managing money across all of their bank accounts. Plus, due to popular demand, another card is on the way – it’ll be worth the wait!
Ricky Knox, Tandem CEO, says, “The response to our products has 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.
All of these customers benefit from Tandem’s artificial intelligence driven ‘highlights’, which flag rising bills, duplicate payments, and other notable aspects of user expenditure like refunds. More of these highlights are being added to the Tandem App each month. With this AI driven insight, Tandem are well on their way to achieving their mission of making people ‘life-rich’.
Knox adds, “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.”