Digital challenger bank Tandem founder Ricky Knox announced last week the bank will be returning to Seedrs, seeking to raise £4 million. This news comes one month after the company completed its acquisition of Harrod’s Bank.
As previously reported, Tandem was granted authorization to be regulated back in 2015 becoming only the second digital-only platform to receive a license. Tandem aims to be the most helpful, not the most painful, bank for its customers. Tandem launched a crowdfunding campaign to raise £1 million on Seedrs. The round topped its goal almost immediately and closed at £2.34 million (at a pre-money valuation of £65.7 million). Tandem had raised funding from a prominent group of VCs like Pierre Omidyar and Route66. British department store group House of Fraser announced plans to invest £35 million in Tandem last year. At the time, House of Fraser chairman, Frank Slevin, shared with Business Insider:
“House of Fraser is committed to a transformation of its business over the next five years and this new partnership is just one illustration of how we’ll deliver a meaningfully different set of services to our customers.”
Speaking about the upcoming Seedrs round, Knox reportedly stated:
“This share offer gives our Seedrs [investors] the chance to maintain their share stakes and benefits from the long-term success of the business.”
Tandem seeks to provide the most helpful, not the most painful, bank services for customers.
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