Tandem, a UK-based digital challenger bank, has agreed to purchase personal finance app Pariti for an undisclosed sum.
Pariti’s CEO Matthew Ford announced the deal on the stage of Millennial 20/20, a European summit that focuses on retail, marketing and commerce.
The Pariti app links to a user’s existing bank accounts, analyses their spending history, and enables them set a target for improvement.
Upon completion of transaction, Pariti’s over 95,000 users will be integrated with Tandem and will continue to access all their accounts in one place through the Tandem app.
As part of the deal, Pariti CEO Matthew Ford, and CTO Peter Townsend, will join Tandem. Both worked at personal finance app OnTrees before establishing Pariti.
Tandem CEO Ricky Knox said: “We’re thrilled to have the team from Pariti on board. Both Matthew and Peter are incredibly talented guys who will be able to contribute to our banking app from day one.
“Pariti was leading the pack when it came to account aggregation and acquiring this app will give a boost to our already advanced offering.”
The latest announcement comes after Tandem acquired Harrods Bank in August 2017.
Last month, Tandem signed an agreement with AI experts Personetics to give its users more insights into daily spending.