back Back

Tandym announces platform launch and $60m in funding

By Edlyn Cardoza

June 01, 2022

  • Credit Card Company
  • Credit risk
  • Debt Financing
Share

Tandym, Credit Card Company, Digital Credit Card, Debt Financing, Gradient Ventures, Underwriting, Credit Risk, USATandym is a first-to-market private-label credit card company that empowers merchants of any size to offer a branded digital credit card. Today, Tandym announced the launch of its platform alongside a $60 million funding raised: $10 million in equity financing and $50 million in debt financing. The equity round was led by Gradient Ventures, Google’s AI-focused venture fund, with participation from Obvious Ventures and other strategic partners. The $50 million debt financing round, led by Rivonia Road, will help Tandym meet its goals of expanding its merchant partner network.

Tandym’s innovative merchant-branded payments platform enables fast and seamless integration with any retailer, cuts processing fees up to 80%, and empowers merchants to convert processing cost savings into a compelling, turn-key loyalty program for their customers. For consumers, Tandym is the most rewarding way to pay: when using their merchant-branded card powered by Tandym, loyal customers earn 5% in rewards for future purchases at their favourite retailers.

“At Tandym, we are on a mission to help merchants grow their business,” said Jennifer Glaspie-Lundstrom, CEO and Co-Founder of Tandym. “We do this by democratizing access to private label card programs, which were previously only available for the nation’s largest retailers. With Tandym, merchants of any size can avoid expensive credit card processing fees that primarily serve to fund Big Bank loyalty programs. Tandym empowers merchants to instead fund their own loyalty programs for their customers with the savings.”

Tandym’s modern infrastructure is centred on reducing friction at checkout, lowering merchant costs, and improving the customer experience. The sophisticated underwriting systems at the centre of Tandym’s platform, powered by real-time data and machine learning, better manage credit risk while yielding high approval rates for purchases. The underwriting model also ensures consumers won’t see an impact on their credit when applying during checkout. The performance, however, is reported to the bureau, which has the benefit of helping consumers build or establish credit while supporting their favourite brands.

“The outdated processes and technology associated with private label credit often exclude smaller retailers and have historically proven themselves to be inefficient and costly,” said Zachary Bratun-Glennon, Partner at Gradient Ventures. “By making flexible, store-branded payment options more accessible, Tandym empowers merchants to increase their revenue while driving deeper customer loyalty and brand awareness.”

The funding will enable Tandym to expand its internal team and operations while raising awareness of its platform’s ability to help merchants strengthen their connections to the consumers they serve.

Previous Article

June 01, 2022

4 FinTechs revolutionising the financial services sector in Greece

Read More
Next Article

June 01, 2022

Mastercard sued for alleged misuse of power over card payments

Read More










IBSi Daily News Analysis

banking, customers,

December 02, 2022

Credit Card Company

Why are banking players flocking to Middle Eastern digital banks?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

December 02, 2022

5 FinTech tweets you should see!

Read More

December 02, 2022

Network International and American University of Sharjah collaborate to empower youth in the FinTech sector

Read More

December 02, 2022

Commerzbank selects PayTech Nexi for card processing solutions

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022