After successfully raising £80 million in the previous round of funding, U.K. based challenger bank Tandem announced a fresh funding plan of £80 million plus for the expansion of the business into new markets.
The bank is looking to expand its operations in Asia and Europe – where they are seeing massive growth opportunities in the fintech industry.
“We see a powerful opportunity to significantly expand our presence in Asia, one of the most vibrant digital banking markets, and begin the expansion of our banking services across the globe,” CEO Ricky Knox said.
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The bank is looking to be listed on the stock market in the coming years, which would allow it to raise additional funds through Initial Public Offering (IPO).
The U.K. based challenger bank Tandem is likely to secure new funds for expansion of business in Asian and European markets. This is because of its success in providing innovative personal finance facilities to U.K. based customers.
With the aim of providing more digital control of cash, Tandem offers digital current accounts to help customers in setting spending targets combined with other digital wealth management products.
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It’s saving account is popular because the platform offers solid returns to customers. It offers 1.75% AER on 1 year fixed savings while the rate of return increases to 2.30% on 3 years fixed deposit. Holding money in the Tandem saving account is safe as the deposits are protected by the Financial Services Compensation Scheme (FSCS).
Its credit cards combined with the digital finance management app has helped the challenger bank to improve the customer base to 600,000 people.
Its digital finance management app is gaining confidence. The app provides a way to manage all finance through mobile along with innovative budgeting and spending tools. The bill management highlights and utility switching support are one of the best features of Tandem app.
On the whole, the challenger bank Tandem is in a strong position to secure new funds on the back of improving customer base and innovative products.