Tandem Bank secures GBP 15 mln from Convoy in Hong Kong expansion

Thursday 22 November 2018 13:37 CET | News

Fintech challenger bank Tandem has closed a strategic partnership with Convoy Global Holdings, a Hong Kong-based financial services group.

Convoy is investing an initial GBP 15 million into Tandem Bank as part of the deal, which will provide Tandem with access to Convoys Asian customer base and Convoy with Tandems technology.
The Hong Kong group is also holding the largest stake in digital wealth management service Nutmeg and a separate investment in Irelands Currencyfair.

The move will see Tandem aim to disrupt the hold of incumbent lenders in Hong Kong, where the top four banks reign supreme with around 75% of the market.

The UK digital bank currently has more than 300,000 customers, and is growing after posting an annual revenue run rate of GBP 15 million.

Tandem Money, the parent company of the bank, reported total costs of GBP 23.5 million during 2017, up from GBP 20.4 million in 2016.

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Keywords: Tandem Bank, Convoy, Hong Kong, partnership, challenger bank
Countries: World