TANDEM SMASH £1 MILLION CROWDFUND TARGET

Tandem chief has praised investors for “seeing the light” as the bank broke through its £1m crowdfunding target within minutes of going live. This morning the total stands at £1.8m – achieving 183% of the original target.

Ricky Knox, founder and deputy CEO, commented: “I would like to thank and welcome our new Co-Founders who have invested in the future of a good bank. I have had several calls with newcomers and am delighted to say it seems they too have seen the light when it comes how a bank should be.”

“All too frequently I have the same conversation; the public’s relationship with their bank isn’t working, and that is why Tandem is here to dramatically improve customer’s lives by giving more control of their hard-earned cash.

“With over 7,500 Co-Founders backing us, I feel confident we’re moving the right direction as we head towards launch later this year.”

“Yesterday saw an overwhelming interest to be part of Tandem, with that came a few technical glitches for which we apologise. The Seedrs site is up and running ready for another great day.”

Mr Knox also confirmed the crowdfund will remain open in the coming days. From 1200 (BST) today, those who did not pre-register to gain access yesterday will be able to invest.

How yesterday played out:

·         Within 10 seconds £850,337 of investment had been placed, before the site crashed, despite this, the £1m target was beaten after 15 minutes

·         Within eight hours, the crowdfund total stood at £1.8million

·         Around 1,000 individual investors have taken part – with the average investor depositing £1,000

Tandem received its banking licence in November 2015 and has since unveiled a 7,500-strong community of Co-Founders, who are helping build a good bank through participation online and at regular events. This crowdfund has been arranged to offer new and existing Co-Founders the opportunity to further participate in the future success of Tandem. Members of the public who pre-register will also become Co-Founders, which otherwise remains invite only.

The public will be able to invest for a minimum of £15. Those investing will be granted shares at the same valuation as large institutional investors including Route 66, eVentures and the Omidyar Network – set up by Pierre Omidyar, the founder of eBay.  

Tandem is on a mission to create a good bank that only does well when its customers do well. Tandem will launch in 2016 with a range of breakthrough credit cards, savings accounts and loans that help customers manage their finances quickly and effortlessly in a way which suits them.

In March 2016, Tandem announced a series of investments, which was led by the philanthropic investment firm Omidyar Network and included venture capital firms Route66 and eVentures as co-investors.

Tandem is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.