Posted on March 11, 2020 by staff

Tandem Bank ‘raises £60m’


Tandem Bank has reportedly secured £60m funding.

The London-based challenger has also acquired a lender which helps consumers buy solar panels following reported backing from investors including Qatar Investment Authority.

Following the initial report on Reuters, in which the news agency cited ‘sources’, Tandem stated: “Tandem Bank can confirm that it has secured a significant fundraise, subject to regulatory approvals.

“Full details of the transactions will be available in due course. The new funding has been secured in partnership with both new and existing shareholders.”

Tandem has more than 800,000 customers in the UK.

“The injection of significant new capital into the business demonstrates the continued support and belief in the Tandem mission of building a good bank,” the statement continued.

“Tandem will continue to offer consumers its range of award-winning products and services and will be expanding this offering with the acquisition of an established ‘green’ lending business as part of the transaction.”

Last month Tandem’s CTO Paul Clark left the company and was replaced by Chief Data Officer Noam Zeigerson.

The firm announces losses of £13.6m in the year ending 31st December 2018.