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48


GOOD MONTH | BAD MONTH


Good month for... Tandem…House of Fraser is set to invest £35


million into UK digital-only challenger bank Tandem. This will be part of a tie up in which the new entrant will offer services to shoppers at the department store chain. “House of Fraser is committed to a transformation of its business over the next five years and this new partnership is just one illustration of how we’ll deliver a meaningfully different set of services to our customers,” says House of Fraser Chairman Frank Slevin.


Ricky Knox, Tandem co-founder, comments: “House of Fraser is one of the great loved retail giants, with a customer- centric heritage that aligns closely with our mission and values. We’re excited about the opportunity to help their loyal customers with their financial lives.”


Tandem, which has secured a banking licence and offers savings accounts, rolled out its mobile app to 10,000 early adopters during 2016. It plans to launch current accounts and credit cards this year. House of Fraser already offers credit and loyalty cards through NewDay.


Face-to-face banking in the UK…99% of UK personal bank customers and over 75% of business customers can now do their banking at the Post Office, as a new industry-wide agreement with the country’s banks comes into effect.


BBA Chief Executive Anthony Browne says: “Nine out of ten people now live within 20 minutes’ walk from a bank or a Post Office where they are able to do banking face-to-face with another person. Banking is changing hugely, with people now able to speak to their banks at any time of the day or night on the phone or check their balance on an app. But this isn’t for everyone, as some people still want that personal contact, which is why this arrangement with the Post Office is such good news. It ensures customers can continue to access face-to-face banking and that no-one gets left behind by the technological revolution sweeping the industry.”


London-based FinTech, Monese, has raised $10 million from the likes of Anthemis Exponential Ventures, Korea Investment Partners and STE Capital as it looks to expand beyond the UK and into mainland Europe. The London-based startup offers a mobile banking app for immigrants and expats who might otherwise find it difficult to open an account outside of their originating country.


Norris Koppel, CEO at Monese, comments: “We are incredibly excited to close a heavily oversubscribed funding round with a suite of top investors at our side. The money raised will be key in helping us launch Euro current accounts and become available to customers in other European markets as well as a host of new features like direct debit and credit services to ensure customers have everything they need to stay in complete control of their finances.”


Since launching in September 2015, the venture has signed up over 40,000 customers from 179 countries who have collectively made more than 1.8 million transactions, moving £150 million.


www.ibsintelligence.com © IBS Intelligence 2017


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