8.6 C
New York
Friday, July 1, 2022
Home Challanger banks Tandem raises £60m to fund international expansion

Tandem raises £60m to fund international expansion

Tandem Bank, the UK challenger which sparked reports of its funding nearly a year ago, has finally landed its investment round of £60 million and intends to buy a green lender that helps consumers buy solar panels.

The funding round was led by Qatar Investment Authority (QIA), Reuters reported citing sources familiar with the matter. The QIA also owns stakes in other banking groups such as Barclays, Sainsbury’s, Canary Wharf, and Shard.

Interview with Tandem CEO, Ricky Knox

Tandem provides savings accounts and credit cards to over 800,000 customers in the UK. Tandem competes with other digital banks in the UK such as Starling and Monzo, intends to use the funding to gain a larger market share by offering user-friendly digital services.

In April 2019, the bank was tipped to be the next unicorn by the Financial Times, which reported Tandem was in the process of putting together a round that would top the £80 million it raised in 2018.

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

But since then, the anticipated £100 million raise seems to have proved a challenge for the bank, pushing its expected unicorn status further over the horizon.

Tandem has yet to make a formal announcement, but a spokesman confirmed: “Tandem Bank can confirm that it has secured a significant fundraise, subject to regulatory approvals. Full details of the transaction will be available in due course.”

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

Recent posts

Revolut has joined the buy now pay later market

Revolut is piloting a new 'buy now, pay later' service in Ireland beginning this week.

Klarna in conflict with Barclays over ‘Irresponsible’ Buy-Now-Pay-Later research

Klarna’s UK executive Alex Marsh has hit out at Barclays for publishing what he called “mind-boggling” and “irresponsible”.

Starling Bank has hit 3m account milestone

Starling Bank has passed the three million current account milestone, which “includes more than 460,000 small business accounts,” according to a recent update.

Revolut teamed up with Salesforce to help grow Revolut Business

Revolut announced a new partnership with Salesforce with an aim to accelerate growth and transform the business banking arm of the digital bank.