Tandem, a digital-only retail bank founded by Ricky Knox and Matt Coope, has been granted a banking license by the Bank of England.
The banking startup, which has already raised about £100m in funding, will now begin developing its technology platform and meeting capital needs.
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The digital bank will offer current accounts, credit cards savings, as well as loans through mobile apps and its website, while being backed up by a call centre.
Knox commented: "For too long, traditional banks have made money at their customers’ expense – for example by letting them borrow long term on credit cards, or not advising them to move money into newer savings products carrying higher interest rates.
"We want to build a bank that challenges this model by putting our customers’ interests first and by working in Tandem with them as their partner in money. It means we can be a bank that truly champions its customers, and we plan to prove it at every point."
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