Tandem now counts 100,000 Brits using the bank to spend, save, and manage their money with its competitive cashback card. According to the platform, Tandem has seen tens of thousands of app downloads, product applications, and eager savers signing up. CEO Ricky Knox’s ambition is to match Lloyds Bank in terms of customer numbers in ten years time.
[clickToTweet tweet=”[email protected] CEO RICKY KNOX: ‘WE’RE EXCITED TO WELCOME 100,000 NEW CUSTOMERS. THIS SMASHES OUR INTERNAL TARGETS AND PUTS US ON TRACK TO BE AS BIG AS LLOYDS IN A DECADE.'” quote=”@TandemMoney CEO RICKY KNOX: ‘WE’RE EXCITED TO WELCOME 100,000 NEW CUSTOMERS. THIS SMASHES OUR INTERNAL TARGETS AND PUTS US ON TRACK TO BE AS BIG AS LLOYDS IN A DECADE.'”]
Tandem has moved from strength to strength after its acquisition of Harrods Bank in January this year. CEO Ricky Knox welcomed the Harrods Bank’s 7,000 global customers with open arms, inviting each individual into his office for a face to face meeting to discuss how they manage their money. Plenty took Knox up on his offer and remain satisfied customers to this day. The purchase also brought with it a Banking license and £80 million capital, as well as sizeable loan and mortgage books. Tandem became the UK’s leading challenger bank overnight and began helping people UK wide save, spend, and earn right away.
“The response to our products has been incredible. People are using the Tandem App to track their spending, taking our cashback credit card abroad, and putting their nest egg away in one of our fixed savers. With new products on the way we’re targeting major growth,” averted Tandem CEO Ricky Knox. “There is a lot of noise surrounding the legacy banks moving into the digital only challenger market, which is great. However, we are moving at twice the pace and as a small agile organisation we are accelerating as we speak.”
Before Tandem launched its first product the fintecher managed the “huge groundswell of interest” by placing people on a waitlist which allowed interested customers to receive early access to products and services. In February the waitlist was lifted and Tandem launched its first product: a cashback credit card, to the UK public. The card boasts a winning combination of 0.5% cashback on all purchases, no overseas transaction fees, market leading exchange rates, and real time in-app updates every time you use the card. In April, Tandem savers were rewarded with a choice of three fixed saver accounts, boasting competive fixed rates for one, two, or three years. Now 100,000 happy customers are spending freely abroad, nurturing nest eggs, and managing money across all of their bank accounts. Plus, due to popular demand, another card is on the way.
“All of these customers benefit from Tandem’s artificial intelligence driven ‘highlights’, which flag rising bills, duplicate payments, and other notable aspects of user expenditure like refunds. More of these highlights are being added to the Tandem App each month. With this AI driven insight, Tandem is well on its way to achieving its mission of making people ‘life-rich’,” added Knox. “Every month it feels like we hit another milestone: we’re always releasing a new highlight, app feature, or product. We’ve got real momentum at the moment and the response from customers has been incredible.”
Just last week, Tandem added a new feature to its account aggregating app allowing users to confirm whether they are spending overseas or engaging in other potentially fraudulent activity. The “Fraud Conversation” is a new notification feature that sends a push notification when it sees a possible issue.