Back from the dead: Britain has a new banking challenger

Aug 9, 2017 ·

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Tandem is back baby.

Remember Tandem?

The challenger bank started by serial entrepreneur Ricky Knox was basically written-off after a huge investment round from House of Fraser fell apart last year, and the Bank of England withdrew Tandem’s banking licence.

It was thought to be dead in the water, but after a surprise multi-million-pound acquisition of the banking division of luxury department store Harrods yesterday, suddenly Tandem has come roaring back to life.

The takeover of Harrods Bank brings Tandem a banking licence, a reported £80m in capital (partly from Harrods customer deposits) and a range of financial products like mortgages, current accounts and business accounts.

It’s also a bizarre, possibly desperate move by Tandem.

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