As fintech valuations soar, Tandem eyes fresh £80m+ funding round

By Oliver Smith on 5th April 2019

Challenger Banks

2019 is turning out to be a pivotal year for Ricky Knox's bank.

As fintech valuations soar, Tandem eyes fresh £80m+ funding round
Image source: Ricky Knox/Tandem

Tandem is looking to cash in on its recent flurry of activity in Europe and Hong Kong with the launch of a funding round, said to be larger than the £80m it raised in 2018.

The fundraise, first reported by the Financial Times, comes after the bank reached 600,000 customers in the UK and announced plans to launch in Asia.

A Tandem spokesperson confirmed to AltFi that the funding round had launched and that the bank was looking for “a good amount” of capital “from the right investor”.

CEO Ricky Knox has previously called 2019 a “pivotal” year for the business, which would see it launch new accounts and enter new markets in Europe and Asia.

In recent weeks Tandem has launched auto-savings accounts and partnered with Token to embed more Open Banking services in its app.

In November the bank raised £15m from Hong Kong-based financial services group Convoy, with a plan to launch the digital bank in China.

“We see a powerful opportunity to significantly expand our presence in Asia, one of the most vibrant digital banking markets, and begin the expansion of our banking services across the globe,” said Knox at the time.

“The UK has been leading the digital banking revolution and its time to capitalise on the wave of changing regulation around the world—and improve more customers lives with money.”

In early 2018 Tandem raised £80m of equity capital for the takeover of Harrods Bank, which saw it take on £400m of deposits, a £375m mortgage loanbook and acquire a banking license.

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