Digital challenger Tandem Bank claims to have surpassed the milestone of 500,000 customers.

The London-based FinTech, which last year secured a banking licence after the purchase of Harrods Bank, this week also raised the prospect of a flotation within the next five years.

The digital lender, founded in 2015 by chief executive Ricky Knox, last year rolled out credit card and savings accounts in addition to mortgage and personal loan services.

In a statement outlining its strategy for the year ahead and reflecting on milestones for 2018, co-founder Knox said the past 12 months had been “transformative” for Tandem, citing a number of product launches and “incredible growth”.

He added that the bank now has its sights set on a further half a million customers, in addition to plans for expansion into Western Europe and Asia.

In November, Tandem secured a £15 million investment from Hong Kong based financial services firm Convoy, which marked Tandem's first overseas partnership.

In the coming year, the digital bank plans to expand into both Western Europe and Asia. Knox stated the business was looking to “capitalise on the wave of virtual banking” around the world.

“New digital banks are finding their feet and breaking in to the mainstream in the UK so the natural progression is to move into Western Europe where the sector is already gaining momentum, as well as growing markets in Asia,” he added.

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