The Pariti app, which has over 95,000 users and was featured by Apple as one of its “Best New Apps”, connects to a user’s existing bank accounts and analyses their spending history to help them set a target for improvement. It has integrated with the likes of Zopa and Lendable to help clients improve their financial health.
As part of the acquisition, which is subject to regulatory approval, Pariti CEO Matthew Ford and CTO Peter Townsend will join Tandem.
Ricky Knox, CEO of Tandem, 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.
“Pariti was leading the pack when it came to account aggregation and acquiring this app will give a boost to our already advanced offering.”
The acquisition comes after Tandem recently announced a partnership with artificial intelligence (AI) company Personetics to give its users more personalised insights into their daily spending.
Tandem acquired Harrods Bank in a multi-million pound deal last year. The bank has so far raised more than £100m in investment and its backers include House of Fraser and QED Investors.