8.6 C
New York
Monday, March 4, 2024
Home News Tandem Bank CTO steps down as it anticipates fresh £50m funding round

Tandem Bank CTO steps down as it anticipates fresh £50m funding round

Tandem Bank is close to securing fresh funding near to £50m, as it makes a management change.

Tandem’s Chief Technical Officer (CTO) Paul Clark stepped down in January this year. He is the second CTO to leave Tandem in the past three years. Clark has been replaced by Noam Zeigerson, Tandem’s Chief Data Officer.

Related: Is “Curve” moving to the U.S.A? They’ve already opened a center in Brooklyn!

“We’re moving to a phase where we’re doing a lot more automation.. and Paul decided it was time for him to go and find another challenge. We’ve had a good run together. But there are different profiles for different stages of development.” said Tandem CEO, Ricky Knox.

Ricky Knox, Tandem CEO

According to Sifted, Tandem is close to securing a fresh round of funding, near to £50m, which is short of Tandem’s initial target of £100m and later than earmarked, according to sources.

Tandem also introduced a £5.99/monthly fee for its credit card. The charge amounts to £72 per year (f.e. American Express Platinum cards and RBS cards cost just £25).

Related: Revolut => Open banking? Yes in the U.K.

But Knox defended the move, explaining the card’s 0.5% cashback offering brought in users who didn’t need to borrow and were exploiting the free-offering.

“We ended up attracting the wrong customers…The people who are good at saving money are actually the people who are fucking loaded… We realized we were going to have to let those guys go. They were losing us money.”

“Tandem’s target audience had been supportive of the card’s new fee, emphasizing that the goal was to measure the bank’s impact by “emotional benefit” to its users. We wanted to change our audience… We kind of hadn’t the balls to do it.” Adds Ricky Knox, CEO

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.