UK neobank Tandem issues “material uncertainty” warning as losses mount
source link: https://fintechranking.com/2021/01/14/uk-neobank-tandem-issues-material-uncertainty-warning-as-losses-mount/
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UK neobank Tandem issues “material uncertainty” warning as losses mount
Tandem Bank, one of the United Kingdom’s much-hyped crop of neo-banks, has filed annual results for 2019 that show mounting losses and warn the firm faces “material uncertainty” about its ability to remain in business, The Block reports.
The startup lost £18.9 million in the 12 months to December 31, 2019, up from £13.7 million the previous year. Tandem attributes the larger losses to investment in infrastructure and to having made provision for defaults on unsecured loans.
Read more: The Block
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