UK-based challenger Tandem says “100,000 Brits are now using the bank to spend, save, and manage their money”.
It adds it “has seen tens of thousands of app downloads, product applications, and eager savers signing up”.
Furthermore, the bank’s CEO Ricky Knox has an “ambition to match Lloyds Bank in terms of customer numbers in ten years time”.
Around 7,000 clients came on board as a result of the acquisition of Harrods Bank, which was completed earlier this year and brought £80 million of capital and a banking licence.
Knox welcomed these “with open arms”, the bank says, “inviting each individual into his office for a face to face meeting to discuss how they manage their money”.
With the acquisition, Tandem became “the UK’s leading challenger bank overnight”, it claims.
In February, Tandem launched its first product – a cashback credit card, which offers 0.5% cashback on all purchases, no overseas transaction fees, competitive exchange rates, and real time in-app updates every time the card is used.
In April, it unveiled three fixed saver accounts.
All customers can also benefit from Tandem’s artificial intelligence (AI) driven “highlights”, which flag rising bills, duplicate payments, and other notable aspects of user expenditure like refunds. This functionality will help the bank to achieve its mission of making people “life-rich”, it says.
“Now 100,000 happy customers are spending freely abroad, nurturing nest eggs, and managing money across all of their bank accounts,” Tandem says. “Plus, due to popular demand, another card is on the way – it’ll be worth the wait!”
Ricky Knox, Tandem CEO, says the bank is “targeting major growth” with new products on the way.
“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 notes.
On form with Form3
Tandem has also inked a deal with Form3, a UK-based cloud technology provider of Payments-as-a-Service processing for banks and financial institutions.
“Just as Tandem is rethinking and challenging banking, Form3 is disrupting payments technology,” states Adam Moulson, chief customer officer at Form3.
Nick Bennett, Tandem’s COO, says the Form 3 project will help the bank deliver “an even better” customer user experience, including enhancements to the new app and new products.