Mobile-only bank startup Tandem buys Harrods Bank
London-based startup bank Tandem has agreed to acquire the 120 year old banking arm of Harrods for an undisclosed sum. The news comes only four months after an investment deal with House of Fraser fell through, which led to the three year old startup losing its banking license and cutting its workforce by a third. In Tandem’s words the deal secures its future, allowing it to restore its license and bringing around £80m of capital into the venture. In turn, Harrods Bank will be brought in under the Tandem brand. In the immediate future, the deal puts Tandem back on track in the roll out of its app and card and to launch its first savings account by the end of the year.