UK neobank Tandem issues “material uncertainty” warning as losses mount

Tandem Bank, one of the United Kingdom’s much-hyped crop of neo-banks, has filed annual results for 2019 that show mounting losses and warn the firm faces “material uncertainty” about its ability to remain in business, The Block reports.

The startup lost £18.9 million in the 12 months to December 31, 2019, up from £13.7 million the previous year. Tandem attributes the larger losses to investment in infrastructure and to having made provision for defaults on unsecured loans. 

Read more: The Block