UK retailer House of Fraser to invest up to £35m in challenger bank Tandem
A UK-based challenger bank, Tandem, will start offering financial solutions to customers of retailer House of Fraser in 2017.
As part of the collaboration agreement between the two companies, House of Fraser will invest up to £35 million in Tandem (subject to preconditions being met).
Frank Slevin, chairman of House of Fraser, explains that the retailer “is committed to a transformation of its business over the next five years” and partnering with Tandem will help it deliver “a meaningfully different set of services” to its customers.
Tandem received its banking licence in November 2015. It says it “has already begun rolling out its offering to its 10,000-strong co-founder network“.
The bank’s services are available online, via a mobile app and a UK-based call centre. Its core banking system is Fiserv’s Signature.