UK digital banking group Tandem has acquired “green” lender Allium for £60 million, Mortgage Finance Gazette reports. According to the media outlet, Tandem purchased the Allium platform to boost its environmental credentials.
Allium notably has a very “clear” focus on lending to improve homes by making them more energy efficient. The company’s loans enable consumers to make their homes more green and energy efficient. Loans for potential products include:
- Battery storage
- Energy-efficient heating solutions e.g. air source heat pumps, insulation, boilers, etc.
- Solar panels
- New innovative solutions such as EV charging
Paul Noble, the CEO of Allium, will be joining the Tandem executive team. Speaking about the acquisition, he shared:
“The acquisition was great news for [Allium’s] customers and the team, which had worked ‘tirelessly’ to develop the business [focusing] on financing improvements for the environment. The combination of Allium and Tandem will create th ability to rapidly scale a green banking proposition and help more customer(s) access green finance products.”
Ricky Knox, Co-Founder and CEO of Tandem, then concluded:
“We’re delighted to welcome Paul, Allium’s team and their thousands of environmentally conscious customers to Tandem and we are excited for our future together. I look forward to helping many more people help the planet over the coming months and years.”