Atlas Merchant Capital LLC, an investment vehicle founded by former Barclays Plc CEO Bob Diamond, is in tentative discussions to acquire a stake in U.K.-based digital platform Tandem Money, Sky News reported Dec. 16.
Talks are, however, "very precarious," according to "sources close to the talks," with one saying the odds that a deal would be reached were "40-60 against." Atlas Merchant is reportedly looking to invest upward of £10 million as part of an equity fundraising, according to the report, which said a decision is expected in the coming days.
Tandem in August agreed to acquire Harrods Bank, although the deal has not yet received regulatory approval, Sky wrote. Earlier in 2017, Tandem's plans to receive a U.K. banking license were thwarted by the collapse of a deal for Sanpower, owner of retailer House of Fraser, to invest millions of pounds into the start-up.
