Harrods Bank to be acquired by Tandem

Ryan Bembridge

August 7, 2017

Harrods Bank will be purchased by banking startup Tandem subject to regulatory approval.

As part of the deal Harrods will receive a capital injection of £80m and operate under the Tandem brand.

After the purchase Tandem will be managing a loan book of nearly £200m.

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Harrods Bank made more than £13m of losses in the past two financial years.

Ricky Knox, founder of Tandem, said: “Tandem has been built from the ground-up with the help of over 11,000 co-founders, who have helped us shape products and services that really make a difference to their lives.

“This acquisition will allow us to scale the business and ensure we can introduce as many people as possible to a new way of banking.”

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