Roman GłogulskiCouples who are not married often face challenges when it comes to managing their finances together. Michelle Winterfield, a former private equity investor, experienced this dilemma firsthand when she moved in with her partner. Frustrated by the lack of options for “the modern couple,” Winterfield and co-founder Daniel Couvreur decided to create Tandem, an innovative fintech app.
Tandem, launched in August 2023, is a subscription-based app that caters specifically to couples and their financial milestones. Unlike traditional joint accounts, Tandem allows couples to manage their finances while maintaining their individual independence. The app offers planning, saving, and spending features, empowering couples to navigate their financial journey as a team.
Setting up a Tandem account is quick and easy. Users can invite their partner and link their credit or debit cards, allowing the app to pull in transactions. However, each partner only sees what the other wants them to see, ensuring privacy and control. Additionally, couples can set up automated money transfers into a shared expense pot, which can be designated for specific expenses such as rent or subscriptions.
With over 25,000 couples already using Tandem, the app has managed a whopping $60 million in expenses to date. Its success can be attributed to its user-centric approach. Tandem actively seeks feedback and feature suggestions from its user base, incorporating their ideas into app updates. One such update is the “Goals” feature, which enables couples to create shared purchase plans and track their progress.
Tandem’s impressive growth has not gone unnoticed by investors. Recently, the app secured $3.7 million in funding, led by Corazon Capital and supported by individual investors and executives from renowned companies like OkCupid, Match Group, and Tinder. Sam Yagan, co-founder and managing director of Corazon Capital, praised Tandem as a reliable and modern platform, highlighting the need for innovative solutions in managing couples’ finances.
The infusion of capital will be used to launch the Goals feature, expand marketing efforts, and bolster the Tandem team. Moreover, Tandem has plans to release an Android app in the near future, catering to a wider user base. Currently, the app operates on a subscription-based model, with couples paying either $10 per month on an annual plan or $12 per month on a monthly plan.
Tandem’s ultimate objective is to provide couples with a seamless and automated way to manage their finances together while maintaining their individual financial independence. With its unique features and commitment to user satisfaction, Tandem is positioned to become the go-to app for couples who want to navigate their financial journeys as a team.
