The approval means Tandem is able to launch a full service digital retail bank offering current accounts, credit cards, savings and loans.
Tandem said its services will be delivered through the internet and mobile apps, which will be supported by a contact centre at its London headquarters, although the finer details will be revealed at a later date.
Tandem said it is aiming to actively help people avoid financial pitfalls like overdrafts and missed payments with nudges and reminders, while an app will help customers save money by finding the best rates and services.
“For too long, traditional banks have made money at their customers’ expense,” said Tandem.
“While these banks do the incredibly important job of looking after our hard earned pounds and pennies, we rarely see them being proactive and doing anything that actually helps people manage their money better.
“We truly believe that our mission to build ‘a good bank’ will transform the industry, and in 10 years’ time people will consider their bank as one of the most helpful entities in their life, not one of the most painful,” the lender added.
“We’re excited and we hope you are too.”
Tandem will be regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
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