Tandem Bank is an online, customer-focused, licensed UK Bank

Country: UK
Year: 2013

Concept

  • Tandem Bank is a digital-only bank that obtained a license from the Bank of England in November 2015
  • The British neobank is mobile-focused, but is also available online and through a UK call centre
  • Tandem claims to be customer-centric by working directly with customers and listening to what people want.
  • A co-founder community has been created: 10,000 cofounders are now giving feedback, input, ideas, and working on continuously improving the neobank
  • Users are offered a full service digital retail bank (current accounts, credit cards, savings, and loans)
  • Spending categorization is shown to encourage customers to take actions with their money and change spending behaviour
  • In May 2016, the startup raised £1 million from crowdfunding in less than 15 minutes. As of January 2017, Tandem has raised £65 million, including investment from eBay founder Pierre Omidyar, Route 66 Ventures, and House of Fraser among others

Consumer Benefits

  • Customer-focused: any British person can become a cofounder, and give input on how the neobank should look
  • Money-saving: instead of trying to sell products to clients, Tandem aims to help users boost their savings and identify areas where users can cut their expenses
  • Convenient: the bank is 100% digital

How to use

  • Tandem has not launched yet but plans to roll out throughout 2017

Illustration