UK challenger Tandem Bank secures £20m in funding
UK challenger Tandem Bank has secured £20 million in new funding from Quilam Capital.
Tandem Bank secures £20 million in Tier 2 capital
The Tier 2 capital raise concluded in late June, following a process supported by financial services advisor Alantra.
Founded in 2013 and based in London and Blackpool, Tandem provides digital mortgage and savings products to consumers, including green home improvement loans, EPC discount mortgages and EV motor finance, through its fintech banking platform that includes a mobile app and a marketplace of financial advisors and brokers.
With the new funding, Tandem intends to support its growth trajectory, claiming “significant growth” in the past 12 months.
Alex Mollart, CEO of Tandem, says the capital “will put extra momentum behind our green lending proposition” and allow the bank to capitalise on opportunities to grow its business.
The news follows Tandem’s acquisition of London-based social money sharing app Loop in April for an undisclosed sum.
Early last year, Tandem also acquired UK-based consumer lender Oplo in a bid to create a “fairer, greener digital bank”. It claims that acquisition led to “significant growth” in its assets as well as the bank attaining profitability.
