U.K.-based digital bank Tandem closed a deal to acquire fellow British fintech Pariti, a personal money management app in the country with about 95,000 registered users.
Terms of the acquisition were not disclosed.
A mobile app that works with a user’s existing bank accounts to track spending—including overdraft fees and credit debt—Partiri was founded in 2014. The company’s CEO and founder, Matthew Ford, and CTO, Peter Townsend, will be joining Tandem in as yet unspecified roles, TechCrunch reported.
While there are a growing multitude of digital banks in the United Kingdom, Tandem is unique in its approach if not its overall services: the bank’s newest acquisition comes after it acquired U.K. incumbent Harrods Bank last year.
Following its Harrods acquisition, Tandem is now in possession of a full banking license and recently launched a credit card product. It is unclear how the bank will make use of Pariti’s PFM platform.
Read more at TechCrunch and the Financial Times.