Less than 48 hours after launching its highly anticipated Seedrs initiative, digital-only bank, Tandem, has successfully secured over £2 million from over 1,300 investors. The company surpassed its initial £1 million goal just hours after the crowdfunding debut.
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. 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.
So far, the campaign has experienced the following:
- Within 10 seconds £850,337 of investment had been placed, before the site crashed, despite this, the £1m target was beaten after 15 minutes
- Within eight hours, the crowdfund total stood at £1.8million
- Around 1,000 individual investors have taken part – with the average investor depositing £1,000
Sharing his thoughts about Tandem’s funding success, Ricky Knox, founder and deputy CEO, commented:
“I would like to thank and welcome our new Co-Founders who have invested in the future of a good bank. I have had several calls with newcomers and am delighted to say it seems they too have seen the light when it comes how a bank should be. All too frequently I have the same conversation; the public’s relationship with their bank isn’t working, and that is why Tandem is here to dramatically improve customer’s lives by giving more control of their hard-earned cash. With over 7,500 Co-Founders backing us, I feel confident we’re moving the right direction as we head towards launch later this year.”
While also addressing the glitches some investors experienced on Seedrs’ platform, Knox added:
“Yesterday saw an overwhelming interest to be part of Tandem, with that came a few technical glitches for which we apologise. The Seedrs site is up and running ready for another great day.”
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