Bank plans flotation after just five years
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.