The retailer is planning to offer “financial solutions” to its customers through Tandem. It comes after Tandem, which secured its banking licence a year ago and now offers savings accounts, in November started to roll-out its smartphone app, which allows users to keep track of their spending from any bank account, telegraph.co.uk reports.
It plans to launch current accounts and credit cards in 2017. House of Fraser already offers credit and loyalty cards through NewDay. The company’s “initial commitment” to inject up to GBP 35m in Tandem is subject to unspecified preconditions.
Sanpower's acquisition of 89% of House of Fraser is to bring back profitability at the chain. In 2015, House of Fraser suffered its fifth consecutive year of annual losses. It also delayed opening its first store in China a number of times, with its maiden site only launching in Nanjing in December 2016.
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