Total amount raised
£154.3 Millions
Latest funding date
7/1/2023
Location
Tandem has successfully raised significant funding over multiple rounds, attracting a diverse group of investors including Quilam Capital and Ascension Ventures Limited. The platform is dedicated to promoting greener financial solutions, offering a range of banking services through its user-friendly app.
Keep reading to explore the intricacies of Tandem's fundraising journey and the investors backing this innovative platform.
What Is Tandem?
Founded in 2013, Tandem is a London-based bank and financial management company. It aims to simplify money management through its app and community-driven products.
With a focus on greener financial solutions, Tandem offers services that help users save, borrow, and spend money efficiently. The company is dedicated to reducing financial stress and promoting environmental sustainability.
Founded by Matt Cooper, Melissa Miller, Michael Kent, and Ricky Knox, Tandem employs between 501 and 1000 people, working towards a more sustainable financial future.
How Much Funding Has Tandem Raised?
- Funding Round: Series A
- Amount Raised: Not publicly disclosed
- Date: April 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish a strong foundation for growth and product development.
- Funding Round: Series B
- Amount Raised: £22M
- Date: May 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market presence and enhance its product offerings.
- Funding Round: Equity Crowdfunding
- Amount Raised: £2.3M
- Date: May 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To engage the community and raise funds for further development.
- Funding Round: Corporate Round
- Amount Raised: £35M
- Date: January 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support strategic partnerships and growth initiatives.
- Funding Round: Series B
- Amount Raised: Not publicly disclosed
- Date: January 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technological infrastructure.
- Funding Round: Venture Round
- Amount Raised: £15M
- Date: November 2018
- Lead Investors: Convoy
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and market expansion.
- Funding Round: Venture Round
- Amount Raised: £60M
- Date: March 2020
- Lead Investors: Qatar Investment Authority
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and sustainability initiatives.
- Funding Round: Venture Round
- Amount Raised: £20M
- Date: July 2023
- Lead Investors: Quilam Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide momentum for Tandem's green lending proposition and capitalize on growth opportunities.
Total Amount Raised: £154.3M
Current Valuation: Not publicly disclosed
Key Investors
- Quilam Capital
- Details: Quilam Capital is a growth investor specializing in the specialty finance sector. They have a strategic focus on supporting businesses with innovative financial solutions.
- Investment Focus Areas: Specialty finance, growth investments, green initiatives.
- Notable Investments: Tandem Bank, Assetz Capital, LendInvest.
- Qatar Investment Authority
- Details: Qatar Investment Authority (QIA) is the sovereign wealth fund of the State of Qatar. It focuses on global investments to diversify the country's economy.
- Investment Focus Areas: Real estate, technology, financial services.
- Notable Investments: Volkswagen, Barclays, Harrods.
- Convoy
- Details: Convoy is a financial services firm based in Hong Kong. It provides a range of financial products and services, including wealth management and insurance.
- Investment Focus Areas: Wealth management, insurance, financial advisory.
- Notable Investments: Tandem Bank, Futu Holdings, Lufax.
- Ascension Ventures Limited
- Details: Ascension Ventures Limited is a venture capital firm that invests in early-stage technology companies. They focus on supporting innovative startups with high growth potential.
- Investment Focus Areas: Technology, digital media, fintech.
- Notable Investments: Moteefe, Wagestream, WeGift.
- Quilam Capital
- Details: Quilam Capital is a growth investor specializing in the specialty finance sector. They have a strategic focus on supporting businesses with innovative financial solutions.
- Investment Focus Areas: Specialty finance, growth investments, green initiatives.
- Notable Investments: Tandem Bank, Assetz Capital, LendInvest.
What's Next for Tandem?
With a fresh £20 million injection from Quilam Capital, Tandem is poised to expand its green lending initiatives, tapping into the growing demand for sustainable finance. This capital will enable the bank to enhance its digital offerings and capitalize on recent acquisitions, such as the social money-sharing app Loop and consumer lender Oplo.
Future fundraising opportunities seem promising, given the successful capital raise and strategic partnerships. Tandem's focus on green lending and digital transformation aligns well with current industry trends, potentially attracting further investments to support its growth trajectory.
However, challenges loom, including fierce competition in the digital banking sector and regulatory hurdles. Effective integration of acquired technologies and maintaining technological advancements will be crucial for Tandem's continued success.
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