Tandem intends to use the investment, completed following a process supported by financial services advisor Alantra, to further re-enforce its growth and create a purpose-led, profitable digital banking platform in the UK
Tandem secures £20m financing from Quilam Capital. (Credit: Pexels from Pixabay)
UK-based digital bank Tandem has secured £20m in Tier 2 capital from Quilam Capital, an investment company with expertise in the speciality finance sector.
Tandem intends to use the investment to further re-enforce its growth and achieve its goal of creating a purpose-led, profitable digital banking platform in the UK.
The capital raise was completed following a process supported by investment banking and alternative asset management services provider Alantra, as financial services advisor.
Quilam Capital director Matt Glew 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.”
Tandem said that it is focused on helping households reduce their carbon footprint and supporting the UK’s transition to a carbon-neutral economy.
It has been further strengthening its position as a go-to bank for those looking to save, borrow, spend and share sustainably, with significant growth in the past 12 months.
It offers sustainable and simple ways to save, borrow, spend and share with savings, home improvement loans, mortgages, motor financing and consumer sharing offerings, said Tandem.
Tandem Bank chief executive officer Alex Mollart 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.”
Last year, Tandem joined the Raisin UK online savings marketplace, initially offering UK customers access to a range of its competitively priced fixed-term savings products.