8.6 C
New York
Tuesday, July 27, 2021
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.”

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

Recent posts

Starling Bank revenue skyrockets by 600%

The digital bank Starling has managed to grow revenues to £97.6 million from £14 million in the previous period.

Revolut launched a travel booking feature

After Softbank lead an $800 million investment into Revolut, the UK-based challenger bank came up with another feature - travel booking.

Kid accounts and challenger bank options for children

Revolut junior vs. Starling Bank Kite? 🤔 Once again Everly - challenger bank news joined forces with the Scientia team and their Fintech Insights, the digital banking research platform, to compare several challenger banks' junior accounts from parent's and kid's perspectives! 👍 Check the full article here

Lunar raised €210m and reached unicorn status

The Danish challenger Lunar Bank has raised €210m in Series D funding and managed to reach unicorn status.