Tandem, the fintech billing itself as the “green digital bank”, has secured £20m in new funding after reporting its first year of profit.
The capital injection comes just a month after Tandem’s latest financial report revealed it had hit its first full year of operating profit.
“This investment marks another significant milestone for Tandem as we enter yet another exciting stage in our journey,” said Alex Mollart, CEO of Tandem Bank.
“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.”
The latest funding for Tandem came courtesy of Quilam Capital, a growth investor that specialises in the alternative finance market.
“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,” said Matt Glew, director at Quilam Capital.
“We’re proud to join the Tandem journey and are looking forward to an exciting future together.”
Mollart said that Quilam’s support of the firm’s mission to “be the UK’s greener bank” was a key reason for the partnership.
Tandem is a neobank that offers what it calls “sustainable” financial services. The company said it is committed to supporting its consumers transitioning into carbon-neutral lifestyles with products such as a green home improvement loan, EV motor financing and EPC discount mortgages.