Challenger bank Tandem has announced the acquisition of its first half a million customers.

The announcement comes a year after being granted a full banking license.

In 2018 the London-based FinTech company launched its credit card, mortgage and personal loan products.

“2018 was a transformative year for Tandem, with a number of major product launches, investment and incredible growth, and we’re ready for more of the same in 2019,” said Tandem CEO, Ricky Knox.

“I can’t wait to welcome our next 500,000 customers.

In November Tandem secured a £15 million investment from Convoy, which marked Tandem's first overseas partnership.

It is making plans for growth, with expansion being planned for both Western Europe and Asia.

“We are looking to capitalise on the wave of virtual banking around the world,” added Knox.

“New digital banks are finding their feet and breaking in to the mainstream in the UK so the natural progression is to move into Western Europe where the sector is already gaining momentum, as well as growing markets in Asia.”

Tandem was co-founded in 2013 by Matt Cooper, Michael Kent, and Knox and has received almost £40 million in funding since its launch.

The company recently announced plans to float on the stock market within the next five years, and said it is to go on a hiring spree in the next 12 months as it takes on fellow challenger banks Starling, Revolut and Monzo.