Tandem’s highly anticipated crowdfunding campaign is now open for funding! Just hours after its Seedrs launch, the digital-only bank’s initiative has already surpassed its initial £1 million goal and is currently sitting at £1.6 million.
The bank currently aims to provide the most helpful, not the most painful, bank services for customers. It is the 14th bank to receive a license from the PRA in the past two and a half years. According to CNBC, Tandem recently offered up free shares that were worth 5% of the business in return for advice and product feedback. This funding round is reportedly part of the company’s “Co-Founders” program, which allows customers to own shares of the business.
Ricky Knox, founder of Tandem, previously stated:
“Part of ‘co-founders’ is building a group of advocates. This is a group of people who have been involved. One of the things about the new generation growing up is that people want to come along and participate. We get them involved and we hope they will be customers and they will bring all their mates too.”
Seedrs CEO, Jeff Lynn also commented:
“I am delighted that Seedrs is supporting Tandem’s fundraising campaign. I think Tandem is a hugely exciting business and has the potential to disrupt the traditional banking model by re-aligning it with 21st century customer expectations. I’ve known their co-founder, Ricky Knox, for a long time, and he and many of his early backers are very impressive individuals. It is a great pleasure to be working with them on this campaign.”
Unfortunately, much like Mondo’s Crowdcube situation, it seems as though Tandem backers might have experienced some glitches while trying to invest on Seedrs. Several investors took to Twitter to reveal what was happening on their end.
So… @seedrs crashed under the load. And @tandembank expects you to invest without financials or an overfunding cap? I’ll stick w/ @getmondo
— Dan Love (@4eleven7) May 19, 2016
@tandembank is @Seedrs broken? Can’t see to give you money!
— Terry Cordeiro (@terryc_uk) May 19, 2016
Luckily, Seedrs has addressed most of the complaints and its looking to get everything back in working order. The website even shared its thoughts for Tandem’s funding success so far.
.@tandembank will be accepting overfunding. There is a long queue investing and appreciate everyone’s patience. Amazing support!
— Seedrs (@Seedrs) May 19, 2016
Amazing support for the @tandembank campaign. If you experience any issues please contact support@seedrs.com and we will resolve asap.
— Seedrs (@Seedrs) May 19, 2016
Tandem’s campaign is still accepting funds.
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