When Tandem Bank acquired Harrod’s Bank in August there were three main reasons for the move; FT Alphaville reports Harrod’s had a banking license, the deal came with a $13.4mn capital injection to fund the company through to deal approval and an additional $107mn from existing investors. Source.
Tandem is a banking app to help individuals manage their finances; according to the Financial Times, the acquisition will provide GBP80 million ($103.8 million) of capital as well as a banking license; Tandem lost their banking license earlier this year after a failed investment by a Chinese conglomerate; the firm was concerned about whether China's State Administration of Foreign Exchange would approve the transaction; the acquisition still has to go through regulatory approval but if approved will allow Tandem to offer savings accounts. Source