Tandem, one of the UK’s earliest digital banks, is waving goodbye to its cofounder and CEO, Ricky Knox.
In an email to investors seen by Sifted, Tandem's General Counsel Ed Freeman said Knox was departing on 30 June, and was seeking investor approval for a departure agreement.
Freeman said the board had agreed that Knox — who founded Tandem in 2014 — would "step down". However, it then described the move as a "loss of office" and said Knox was seeking "certain payments" and benefits to compensate.
The change in leadership follows a sharp pivot for the fintech, which has struggled to break even and scrapped its consumer credit card last year.
Since then, the company's future is understood to have been heavily influenced by one of its private equity investors, Pollen Street Capital (PSC). PSC told Sifted last year that despite only holding a 15% stake in Tandem, they would be shaping Tandem’s roadmap, and taking it away from being a jazzy consumer bank.
Knox's next steps remain vague, but Freeman's letter said:
"Ricky will focus on developing his other activities in fintech and the wider financial services arena... Ricky leaves Tandem with our good wishes, and we would like to offer our thanks for his hard work and dedication in building Tandem."
Before Tandem, Knox founded Azimo and Small World — both remittance businesses.
Tandem has been contacted for comment.