Tandem, a Digital challenger bank, has been given the thumbs up for the company’s takeover of Harrods Bank.
The fintech startup has been approved by the Prudential Regulation Authority of the Bank of England and the Financial Conduct Authority for the said acquisition.
It means that the challenger is currently on its way to reacquiring a banking licence, which the company had lost after funding from an investor dropped through earlier this year.
Ricky Knox, its founder and chief executive, stated:“We are now within sight of our goal of acquiring Harrods Bank.
“This acquisition will transform Tandem into one of the UK’s leading digital challenger banks with a fast growing range of products, and a genuine commitment to build a good bank”.
The company expects that the deal will be completed early in the new year.