Friday 20 May 2016 2:32 pm

Challenger bank Tandem reopens crowdfunding after smashing £1m target in minutes

A digital challenger bank today reopened for further investment after smashing its crowdfunding target within minutes yesterday.

Tandem raised £850,337 in 10 seconds on Thursday before its host site, Seedrs, crashed.

However, it still beat its target of £1m after 15 minutes and investment totalled £1.8m from around 1,000 investors after eight hours.

Read moreDigital challenger bank Tandem smashes crowdfunding target in minutes

Yesterday’s crowdfund was open only to those who had pre-registered and the challenger was considering whether to open itself up to the public again today having already reached its target.

It took the decision to do so this morning and opened up for more crowdfunding at 12pm.

City A.M. understands Tandem has not set a new target, but would be prevented from raising more than €5m (£3.86m) under EU rules.

Read more: Challenger banks: More than just a fancy app?

Tandem received a banking licence in November 2015 and boasts high-profile executives from Santander and Williams & Glyn on its board.

Commenting on Thursday’s performance, founder and chief executive Ricky Knox said: “With over 7,500 Co-Founders backing us, I feel confident we’re moving the right direction as we head towards launch later this year.”

“Yesterday saw an overwhelming interest to be part of Tandem, with that came a few technical glitches for which we apologise. The Seedrs site is up and running ready for another great day.”