Digital banking challenger Tandem forced to change name.
Tandem Bank has renamed itself as Tandem Money, according to Companies House filings. The move comes after the firm was forced to cancel its planned savings products, when a planned £29m investment fell through.
The investment was part of a £35m deal with Fraser Financial Services, which invested the first £6m in December of last year. The cancellation of the second tranche of the deal was attributed to uncertainty over whether China’s State Administration of Foreign Exchange would approve the deal.
The bulk of the investment would have provided Tandem with the regulatory capital required to begin taking deposits.
According to the Companies House filing, Tandem Bank Limited has now changed its name to Tandem Money Limited. The firm has also laid off 30 staff, reducing its headcount from 110 people to 80.
As of this week, Tandem will be able to start welcoming people as “true customers”. The firm has issued the following statement:
“We officially changed our registered name from Tandem Bank Ltd to Tandem Money Ltd. 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.”
“This week also marks our opportunity to start welcoming people as true Tandem customers. Initially people will be placed on to a waiting list so we can control demand in the early days. 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.”
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