It appears that another digital bank is currently on the rise, as Tandem has announced today that it has now hit the 100,000 customers milestone in only three months after the launch of its first product.
Even though the number represents only the registered users and not the active customers of the banking app, Tandem has disclosed that it sees around 82 percent of that number using their accounts with the app monthly.
The said news serves as a positive sign for Tandem, after enduring a tumultuous last year as a result of a failed fundraising,.However, last January, it acquired Harrods Bank, and obtained a full banking license during the process.
As a result of the said acquisition, Tandem also gained the 11,000 customer accounts of Harrods Bank as well as a capital amounting to £80m, and more than £350m in deposits.
Currently, the bank offers one 0.5 percent cashback credit card product and a fixed saver account, that that has an instant access product that is planned for release later this year. Across its three fixed saver tiers, Tandem has said that it currently holds over £10m in deposits from all of its users.
Recently, Tandem also acquired Pariti, a money management startup which helps users have a view of their finances by linking to their bank accounts and helping the users control their spending.
The CEO of Tandem Bank, Ricky Knox, stated: “With new products on the way we’re targeting major growth.”
He added: “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.”