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
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.