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.
Go deeper with GlobalData
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."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
