Digital-only bank Tandem has announced that it has signed an agreement to take over the banking arm of the famous UK department store Harrods. It will acquire 100% of Harrods Bank and benefit from around £80m of capital coming into the business. The acquisition will accelerate the launch of savings accounts for customers. Tandem which does not yet offer bank accounts is available as a Personal Finance Manager in iOS App and Google Play Stores, and Tandem credit cards are set to launch in the next few months. The acquisition gives Tandem a push against rival "challenger banks" with a £200m loan book and over £300m deposits, even though Harrods Bank owned by Qatar Holdings is itself loss-making.