House of Fraser owner Sanpower pulls investment in digital challenger bank Tandem

Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHealth.recetasgetHeart Attack Early Warning Signs and SymptomsHealth.recetasgetUndoFoundation Leak Fix | Search AdsFoundation Repair Cost May Be More Affordable Than Ever In 2021, Check OptionsFoundation Leak Fix | Search AdsUndoweniix.comLook The Future of Carsweniix.comUndoAnswer MindTrying to Lose Weight? Eat These 5 ThingsAnswer MindUndoHappy-Tricks.comThis toddler cooks and drives better than most adultsHappy-Tricks.comUndoAuto carLook: Top 5 best small SUVs 2021 | AutocarAuto carUndoNew Age NewsKirsten Vangsness After Her Weight LossNew Age NewsUndoDidUKnowDental Implants Are Almost Being Given AwayDidUKnowUndoItsTheVibeCostco Items You Wouldn’t Find In Shelves AnymoreItsTheVibeUndo Sanpower, the Chinese conglomerate which owns House of Fraser, has been forced to pull back on a multimillion pound investment in digital challenger bank Tandem, City A.M. can reveal.A £29m tranche of cash due to bolster the startup’s capital requirements for launching as a full bank has been halted over concerns that Chinese authorities are restricting outbound investment. Monday 20 March 2017 10:56 am Funding for the startup stands at £39m to date from top names such as Omidyar Network, eBay founder Pierre Omidyar’s venture capital firm, and Route 66 Ventures. It also raised £1m via crowdfunding.Tandem, which recently announced the retirement of its chief executive Peter Herbert, is expected to launch in the coming months and will close to co-founders on 12 May in preparation. Co-founders, which now number around 10,000, are early users who are part of beta testing and contribute to its development. They will also get early access to the app, as well as new features and products.It’s understood news of Sanpower’s pull back came late on Thursday evening with an investor meeting taking place late on Sunday and staff told this morning that the startup is now examining the structure of the business. Lynsey Barber whatsapp House of Fraser owner Sanpower pulls investment in digital challenger bank Tandem Share whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comWhy people are finding dryer sheets in their mailboxesnypost.comConnecticut man dies after crashing Harley into live bearnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPuffer fish snaps a selfie with lucky divernypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com Founder and incoming chief executive Ricky Knox told City A.M. the startup will continue with its plans for launching the Tandem app with other features, but expressed disappointment that hopes of launching as a full bank had been dashed.The app will launch without a planned savings product which requires the capital to hold deposits. But, Knox said, there would be no other impact on what customers are getting from the app. Any early users testing the savings product will have their deposits returned.The bank will now miss a deadline for fulfilling some of the requirements of its banking license, authorised by the Prudential Regulation Authority, but Knox said the startup will reapply in due course and expects the process to be expedited when it does. Tandem’s activities will still be regulated under the Financial Conduct Authority at launch.The startup will fall back on existing investors for some of the cash but is open to looking for new investors to make up the shortfall from the nixed deal. It’s understood a fresh deal with Sanpower in future has not been ruled out and a partnership with House of Fraser that will offer Tandem services to shoppers will continue.House of Fraser remains a minority shareholder after putting £6m into the startup at the end of last year.

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