£20m growth funding for digital bank Tandem

FinTechInvestment

Tandem Bank has raised £20 million in growth funding.

Tandem, which employs more than 500 people in Blackpool, Cardiff, Durham, London and Manchester, posted its first full-year profit in 2022.

The capital raise from Quilam Capital – a growth investor with expertise in the speciality finance sector – concluded in late June 2023, following a process supported by financial services advisor Alantra.

Billed as the UK’s greener bank, the digital challenger was founded in 2014 and bought Harrods Bank in 2018 followed by green home improvement loan specialists Allium Lending Group in 2020. It then merged with responsible lender Oplo last year under the Tandem brand. It recently acquired money-sharing FinTech Loop Money.

“This investment marks another significant milestone for Tandem as we enter yet another exciting stage in our journey,” said CEO Alex Mollart.

“Following a transformational 2022, this capital will put extra momentum behind our green lending proposition and allows us to capitalise on a number of exciting opportunities to further grow our business.

“Crucially, we’ve found a great partner in Quliam – investors who truly understand our mission to be the UK’s greener bank and are committed to supporting our plans to get there.”

Matt Glew, director at Quilam Capital, said: “We’re delighted to be partnering with Tandem through this strategic investment. Tandem is perfectly positioned to continue to grow its market leading green lending proposition, which our capital will help to unlock.

“We’re proud to join the Tandem journey and are looking forward to an exciting future together.”

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