The investment supports the growth of the UK-based green digital bank
The investment strengthens Tandem’s growth, as it seeks to become the UK’s “leading purpose-led, profitable digital banking platform”.
As a green bank, Tandem wants to help customers to reduce their carbon footprint and support the UK’s transition to a carbon neutral economy.
Launched in 2014 as a challenger bank, Tandem has subsequently bought Harrods Bank, loan specialist Allium Lending Group, and merged with lending fintech Oplo.
Through these branches, Tandem offers its customers ways to save, borrow and spend, alongside its marketplace, which helps customers to reduce their bills and carbon footprint.
The capital raise concluded in late June 2023, following a process supported by financial services adviser Alantra.
Commenting on the transaction, Alex Mollart, chief executive officer of Tandem Bank, said: “This investment marks another significant milestone for Tandem as we enter yet another exciting stage in our journey.
“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, added: “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.”