Bank plans flota­tion after just five years

The Herald - - NEWS - MARYAM COCKAR

TAN­DEM Bank has un­veiled plans to float on the stock ex­change as the dig­i­tal chal­lenger em­barks on a hir­ing spree.

The start-up bank launched five years ago in a bid to take mar­ket share from tra­di­tional high-street lenders with a dig­i­tal-only of­fer­ing, along with Monzo, Star­ling, Revo­lut and Atom Bank.

Matt Ford, Tan­dem’s prod­uct and mar­ket­ing di­rec­tor, said a pub­lic of­fer­ing (IPO) was the nat­u­ral next move. He added: “We want to build this cus­tomer-cen­tric busi­ness and then an IPO makes per­fect sense, hav­ing the pub­lic buy into that busi­ness and it grow fur­ther.

“In­ter­nally, we all have a three, four, fiveyear hori­zon to say how big can we make Tan­dem. It feels like an IPO is prob­a­bly one that aligns clos­est to our mis­sion.”

Tan­dem, which has around 500,000 cus­tomers, cur­rently em­ploys about 120 peo­ple but ex­pects to hire an­other 60 over the next year.

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