Ricky Knox of Tandem Bank

Ricky Knox of Tandem Bank

Tandem Bank snaps up money management app

The challenger bank has acquired leading finance management app Pariti for an undisclosed fee.

Tandem has built on its account aggregation pedigree by buying money management app Pariti, subject to regulatory approval.

The leading finance management app was recently featured by Apple as one of its “Best New Apps” and boasts almost 100,000 users who will transfer over to Tandem.

Pariti is integrated with leading financial institutions including Zopa and Lendable and has helped its users manage over 32 million transactions.

Following the acquisition, Pariti users will continue to be able to access all their accounts in one place via the Tandem app.

Pariti CEO, Matthew Ford, and CTO, Peter Townsend, will join Tandem with significant experience in the fintech space.

Both worked at OnTrees, another leading personal finance app that was acquired by MoneySupermarket in 2014, prior to Pariti.

Ricky Knox, Tandem CEO, said: “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.”

The news follows Tandem’s announcement that it will be partnering with AI experts Personetics to give its users personalised insights into their daily spending.

Users of the Tandem app can expect to receive notifications about unusual spending activity, tips on how to avoid fees, “Heads up” insights such as a potential balance shortfall, and “Get ahead” insights, such as opportunities for savings or investment.

Knox adds: “Pariti was leading the pack when it came to account aggregation and acquiring this app will give a boost to our already advanced offering.”