Tandem, which claims to be the UK’s greener digital bank, has secured £20 million in Tier 2 capital from Quilam Capital – a growth investor with expertise in the speciality finance sector.
The investment by Quilam further “re-enforces the growth trajectory of Tandem as the business seeks to continue its mission of building the UK’s leading purpose-led, profitable digital banking platform.”
The capital raise “concluded in late June 2023, following a process supported by financial services advisor 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, 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.”
As the UK’s greener, digital bank, Tandem is focused “on helping households reduce their carbon footprint and supporting the UK’s transition to a carbon neutral economy.”
It has been further “cementing its position as one of the nation’s go-to banks for those looking to save, borrow, spend and share a little bit greener – with significant growth in the past 12 months.”
The bank reportedly “offers sustainable and simple ways to save, borrow, spend and share with market leading savings, home improvement loans, mortgages, motor financing and consumer sharing offerings.”
Underpinning these propositions is a strong fintech banking platform, that includes an award-winning app and a digital franchise that “supports a growing network of financial advisers and brokers.”