UK-based digital bank Tandem Bank is set to secure £15m ($19m) from financial services firm Convoy Global Holdings as part of a strategic agreement, according to the Financial Times.
Tandem operates a mobile banking platform that offers features such as a fixed savings account and a credit card. The app automatically analyses a user’s spending and income, and identifies cheaper alternatives if bills increase.
Convoy will use Tandem’s technology to launch a digital bank, wealth management and cash management products in Hong Kong. Tandem and Convoy are reportedly considering rolling out similar services in mainland China, Indonesia and other parts of Asia.
Tandem previously acquired fintech app developer Pariti earlier this year, after purchasing loss-making mobile banking app Harrods Bank in August 2017.
The acquisition of Harrods Bank became necessary after Sanpower, the conglomerate that at the time owned retailer House of Frasier, pulled out of a $43m deal and forced Tandem to miss regulatory deadlines to secure a full banking licence.
Tandem previously disclosed $31.3m in funding from Omidyar Network, Route66 Ventures and eVentures in 2016.
