- Tandem, the mobile-first bank, has revealed its first crowdfunding campaign will go live on 20 May – pre-registration will allow 24 hour early access
- Crowdfund to be hosted on Tandem.co.uk with support from Seedrs
- Tandem has already raised £22m in investment
Today Tandem announces a £1 million crowdfunding campaign will go public on 20 May. Those wishing to gain access to the crowdfund 24 hours ahead of the public launch, can visit www.tandem.co.uk/invest to pre-register.
Tandem received its banking licence in November 2015 and has since unveiled a 5000-strong community of Co-Founders, who are helping build a good bank through participation online and at regular events in London. This crowdfund has been arranged to offer new and existing Co-Founders the opportunity to further participate in the future success of Tandem. Members of the public who pre-register will also become Co-Founders, which otherwise remains invite only.
The public will be able to invest for a minimum of £15. Those investing will be granted shares at the same valuation as large institutional investors including Route 66, eVentures and the Omidyar Network – set up by Pierre Omidyar, the founder of eBay.
Ricky Knox, Founder of Tandem, commented: “This crowdfund campaign sees us answer the call from many in our Co-Founder community. Since the community is now well over 5000 members, they asked how else they could invest in the bank – outside of our online hub, open office policy and monthly events.
We are delighted to welcome the public to be part of something very special; the creation of a good bank. Our institutional investors share our belief that there needs to be a ‘good bank’ in the market which gives its customers a better life with money. As such, we have already received £22m in investment, including from the Omidyar Network, an investment portfolio which has philanthropy at its core.
We are currently in ‘active testing’, with a handful of accounts live. The feedback has been overwhelmingly positive and I can’t wait for us to launch in the UK later this year.”
Jeff Lynn, Co-Founder and CEO of Seedrs, added: “I am delighted that Seedrs is supporting Tandem’s fundraising campaign. I think Tandem is a hugely exciting business and has the potential to disrupt the traditional banking model by re-aligning it with 21st century customer expectations. I’ve known their co-founder, Ricky Knox, for a long time, and he and many of his early backers are very impressive individuals. It is a great pleasure to be working with them on this campaign.”
Tandem is on a mission to create a good bank that only does well when its customers do well. Tandem will launch in 2016 with a range of breakthrough credit cards, savings accounts and loans that help customers manage their finances quickly and effortlessly in a way which suits them.
In March 2016, Tandem announced a series of investments, which was led by the philanthropic investment firm Omidyar Network and included venture capital firms Route66 and eVentures as co-investors.
Tandem is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.