Tandem Bank have agreed a deal to acquire 100% of Harrods Bank (subject to regulatory approval) bringing around £80m of capital into their business.
Ricky Knox, Tandem, Founder added “By doing so, we can grow the business more quickly and ensure we can introduce as many people as possible to a new way of banking with the app and products we’re building with your help. And together we’re going to continue our mission to build a good bank that will help free you of financial stress.”
Harrods Bank, formally own by the Qatar Holdings, have been offering has been sold to digital challenger bank Tandem in what’s understood to be a multi-million pound deal. The Harrods Bank brand will make way as Tandem takes over the the various areas of business, including loans, savings and current accounts.