The digital bank has also hinted that another card is on the way.
For those keeping tabs, add Tandem to the list of the UK digital banks that has signed up at least 100,000 customers. For Tandem, the milestone comes within three months of its first product launch, a cashback credit card.
Any fintech worth its salt knows that this sort of milestone must, by rule, come with a punchy prediction attached. When Revolut raised $250m in April, it pledged to hit 100 million customers in the next five years. Similarly, Funding Circle has previously promised $100 billion in annual lending to small businesses by 2025. Tandem’s colourful chief executive Ricky Knox says that he wants to match Lloyds Bank’s customer numbers in ten years’ time.
“The response to our products has been incredible. People are using the Tandem App to track their spending, taking our cashback credit card abroad, and putting their nest egg away in one of our fixed savers,” said Knox.
“With new products on the way we’re targeting major growth. 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.”
After a failed fundraise temporarily curtailed Tandem’s banking plans last year, Tandem completed the acquisition of Harrods Bank in January, giving it a banking licence and getting its product roadmap back on track.
That acquisition came with 7,000 global customers, whom Knox invited to meet face-to-face at his office, no doubt making for a busy few months at Tandem Towers. In its announcement today, Tandem has said that ‘plenty’ took Knox up on his offer and remain customers.