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Challenger banks, neobanks or digital-only banks… Whatever we choose to call them, Europe — and the U.K. in particular — has more than its fair share of bank upstarts battling it out for a slice of the growing fintech pie. One of those is Tandem, co-founded by financial technology veteran Ricky Knox, who we’re excited to announce will join us at TechCrunch Disrupt Berlin .
Tandem — or the so-called “Good Bank” — has been on quite a journey this year. Most recently the bank launched a competitive fixed savings product, pitting it against a whole host of incumbent and challenger banks. It followed the launch of the Tandem credit card in February, which competes well on cash-back and FX rates when spending abroad.
Both products are part of a wider strategy where, like many other consumer-facing fintechs, Tandem wants to become your financial control centre and connect you to and offer various financial services. These are either products of its own or through partnerships with other fintech startups and more established providers.
At the heart of this is the Tandem mobile app, which acts as a Personal Finance Manager (PFM), including letting you aggregate your non-Tandem bank account data from other bank accounts or credit cards you might have, in addition to managing any Tandem products you’ve taken out. The company recently acquired fintech startup Pariti to beef up its account aggregation features.
However, what makes Tandem’s recent progress all the more interesting is that it comes after a definite bump in the road last year. This saw the company temporarily lose its banking license and forced to make lay-offs following the partial collapse of a £35 million investment round from department store House of Fraser, due to restrictions on capital leaving China. The remedy was further investment from existing backers and the bold move to acquire Harrods Bank, the banking arm of the U.K.’s most famous luxury department store.
As you can see, there is plenty to talk about. And some. So, why not grab your ticket to Disrupt Berlin to listen to the Tandem story. The conference will take place on November 29-30.
CEO & Co-Founder, Tandem
Ricky is a serial investor and entrepreuner. He has built five technology disruptors in fintech and telecoms, each of which also does a bit of good for the world.
Before Tandem he founded Azimo and Small World, two remittance businesses, and is managing partner of Hexagon Partners, a private equity firm. He built Tandem to be a digital bank that helps improve customers’ lives with money.
Ricky has a first class degree from Bristol University and an MBA from INSEAD.