Tandem, a London, UK-based mobile bank, agreed to acquire 100% of Harrods Bank, a London, UK-based private personalized banking service.
The deal, whose financial terms have not been disclosed and whose close is subject to regulatory approval, brings around £80m of capital into the business. On completion, the bank will operate under the Tandem brand.
Harrods Bank is a private personalized banking service which, operating from the Harrods store in Knightsbridge, offers customers a wide range of mortgages, savings and banking services designed to meet personal banking needs.
The acquisition will accelerate Tandem’s launch plans to offer savings accounts to its customers, subject to regulatory approval, before the end of the year.
Founded by Ricky Knox and Matt Cooper, and built with the help of over 11,000 co-founders, Tandem works in partnership with its customers to help them understand their money and access banking products and services that reward good behaviour. Backers in the company include the Omidyar Network and Route 66.
Tandem Money Limited is authorized and regulated by the Financial Conduct Authority and the app is already available in the App and Play Stores and credit cards are set for launch in the next few months.