London-based digital bank Tandem has acquired money management app Pariti for an undisclosed amount, Pariti’s CEO Matthew Ford has announced.
The more than 95,000 users of Pariti, which was featured by Apple as one of its “Best New Apps” will be transferred over to Tandem. The announcement was made on the stage of Millennial 20/20, a European summit covering retail, marketing and commerce.
Tandem, known as the ‘Good Bank’, was built with over 11,000 co-founders back in 2013. It allows customers to manage all their bank accounts within one app and uses artificial intelligence to show customers how much they can spend. The company claims this can help users organise their monthly budgets, and find better deals on bills.
Ricky Knox, CEO of Tandem, spoke about the acquisition: “We’re thrilled to have the team from Pariti on board. Both Matthew and Peter are incredibly talented guys who will be able to contribute to our banking app from day one.
“Pariti was leading the pack when it came to account aggregation and acquiring this app will give a boost to our already advanced offering,” he added.
Today’s news comes after Tandem acquired Harrods Bank in 2017, in a ‘multi-million pound’ deal. It has so far raised $145.2m (£103.86m) in investment and its backers include House of Fraser and QED Investors.
Tandem also recently announced that it will be partnering with AI company Personetics to give its users more insights into their daily spending. This could include tips on avoiding fees, notifications about unusual spending activity and ‘heads up’ about investment opportunities.
The Pariti app had similar aims to Tandem; to reduce customer’s money hassles with an app. Pariti is integrated with financial institutions such as Zopa and Lendable, and claims to have helped its users manage over 32 million transactions.
Ford and Pariti’s CTO Peter Townsend will move over to Tandem following the deal, which is still subject to regulatory approval.