Tandem Bank, set up by a team of financial experts, who included the co-founder of Capital One, has received license to operate from 2016. This will be the second digital-only bank to have won a license from the Bank of England in 2015 after Atom Bank, which received license for a mobile-only bank. Both the banks will be regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The co-founder of Tandem, Ricky Knox, is a fintech expert and he has helped in setting up international currency businesses – SmallWorldFS and Azimo. Tandem will be a so-called neobank – a new, online-only, mobile-focused bank with no branches (although it will have call centres). He had founded Tandem with Matt Cooper, co-founder of Capital One, the 10th biggest bank in the US.
