Digital challenger Tandem's takeover of Harrods Bank approved by Bank of England and Financial Conduct Authority

 
Lynsey Barber
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Luxury retailer Harrods' banking arm is being bought by Tandem (Source: Getty)

Digital challenger bank Tandem has been given the thumbs up for its takeover of Harrods Bank.

The fintech startup has been approved by the Bank of England's Prudential Regulation Authority and the Financial Conduct Authority for the acquisition, first revealed by CIty A.M. over the summer.

It means the challenger is now on its way to regaining a banking licence, which it had lost after funding from an investor fell through earlier this year.

“We are now within sight of our goal of acquiring Harrods Bank," said founder and chief executive Ricky Knox.

"This acquisition will transform Tandem into one of the UK’s leading digital challenger banks with a fast growing range of products, and a genuine commitment to build a good bank”.

It expects the deal to complete early in the new year.

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