Tandem

Tandem Bank changes name




Tandem Bank has changed its name to Tandem Money, just months after temporarily pausing its savings account launch following the collapse of a major investment.

In March, Tandem revealed that a £29m investment from House of Fraser would not take place due to increasing limitations placed on Chinese firms investing money abroad.

House of Fraser is currently owned by the Chinese conglomerate Sanpower Group.

“We officially changed our registered name from Tandem Bank Ltd to Tandem Money Ltd,” said a spokesperson for Tandem.

“This is an obligatory change after we voluntarily returned our ability to offer savings accounts, but we will continue to trade simply as Tandem.

“The company retains the registered TradeMark and domains to return to Tandem Bank at a future point in time.”

Tandem stated that it would be able to begin welcoming people as true customers this week.

“Initially people will be placed on to a waiting list so we can control demand in the early days,” the spokesperson added.

“Since we announced that we’d be closing the co-founder scheme in preparation for launch, we’ve added over 1,000 co-founders to make more than 11,000 in total.

“We look forward to welcoming customers in the coming weeks and helping people improve their relationship with their money.”

This latest news follows the departure of former Tandem CEO Peter Herbert in February.

Peter was succeeded by founder Ricky Knox (pictured above).

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