Tandem's Harrods Bank takeover gets regulatory approval

It brings the deal much closer to completion, which will give Tandem access to a full banking licence and 10,000 Harrods bank customers, as well as a significant capital injection. It will also bring Tandem Harrods Bank’s mortgage and savings books.

Tandem first signed an agreement to acquire Harrods Bank in August 2017, planning for the bank to operate under the Tandem brand subject to approval.

Tandem is an app-led banking service that lets customers see all their financial information in one place and helps them save money.

Ricky Knox, Founder and CEO of Tandem Bank, said: “This is a major step forward in our plan to acquire Harrods Bank. When the deal is finally done early in the New Year, it will transform Tandem into one of the UK’s leading digital challenger banks.

“This is an exciting time for Tandem. We have a growing customer base, a range of innovative products and a commitment to make our customers lives richer by saving them money and taking away their financial stress."