Tandem ‘on track to be as big as Lloyds’
The chief executive of Tandem has said the challenger bank is on track to be as big as Lloyds after attracting 100,000 customers within three months of launching its first product.
The digital banking company boasts a growing suite of products including a competitive cashback card and an app that lets customers manage all of their accounts in one place.
Customers also enjoy artificial intelligence-driven ‘highlights’, which flag rising bills, duplicate payments and other notable aspects of user expenditure like refunds.
“We’re excited to welcome 100,000 new customers,” said CEO Ricky Knox. “This smashes our internal targets and puts us on track to be as big as Lloyds in a decade.”
In January this year Tandem expanded with the acquisition of Harrods Bank and its 7,000 global customers. The purchase also brought with it a banking licence and £80m of capital, along with a sizeable loan and mortgage books.
The start-up says it has moved from strength to strength since the deal and is now targeting “massive growth”.
Knox said: “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.
“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.
“Every month it feels like we hit another milestone: we’re always releasing a new highlight, app feature, or product. We’ve got real momentum at the moment and the response from customers has been incredible.”
Tandem was this month nominated as the Best Newcomer at the Consumer Credit Awards 2018.The winners will be chosen by UK consumers and will be announced at the awards evening on the 12th of July in London.T
he awards recognise banks that put the customer at the heart of the industry and provide a showcase for consumers looking for the best credit providers.