UK-based department store chain House of Fraser has made a £35m investment in Tandem, a digital-only UK retail bank founded by Ricky Knox and Matt Cooper in 2014.

Under the arrangement, Tandem will now offer online banking services to shoppers at the British retailer.

“House of Fraser is one of the great loved retail giants, with a customer-centric heritage that aligns closely with our mission and values. We’re excited about the opportunity to help their loyal customers with their financial lives,” Knox stated.

House of Fraser chairman Frank Slevin said: “House of Fraser is committed to a transformation of its business over the next five years and this new partnership is just one illustration of how we’ll deliver a meaningfully different set of services to our customers.”

Tandem secured a banking licence from the Bank of England in 2015, and currently offers savings accounts. The bank intends to launch current accounts and credit cards this year. The bank raised funding of over £30m in 2016, which includes an investment from eBay founder Pierre Omidvar.

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