UK-based digital bank Tandem has reportedly raised £60m ($78m) in a fresh funding round to further expand its business.
The funding round was led by Qatar Investment Authority (QIA), Reuters reported citing sources familiar with the matter.
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The QIA also owns stakes in other banking groups such as Barclays, Sainsbury’s, Canary Wharf, and Shard.
Tandem provides savings accounts and credit cards to over 800,000 customers in the UK.
Tandem, which competes with other digital banks in the UK such as Starling and Monzo, intends to use the funding to gain larger market share by offering user-friendly digital services.
In 2018, Tandem acquired Harrods Bank, the banking unit of luxury department store Harrods. It also gained a banking licence in the UK in the process.
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By GlobalDataIn November 2018, the digital lender finalised a deal to receive an investment of £15m from Convoy, a financial services group based in Hong Kong.
In late last year, reports emerged that Tandem Bank is set to kick-off its international expansion by launching its services in Hong Kong.
The latest funding round follows the $500m investment raised by Revolut in a Series D funding at $5.5bn valuation.
Reuters report also added that the London-based digital bank is also planning to acquire a lender that enables consumers to purchase solar panels.
