Tandem Bank confirms fundraise and acquisition of green lender

via AltFi

Tandem Bank has confirmed that it has “secured a significant fundraise” and acquired a green lender, following a report that the challenger bank had raised £60m from investors including Qatar Investment Authority.

Reuters reported the funding last week by the British challenger bank, citing sources it had spoken to.

It also reported that Tandem, which provides credit cards and savings accounts, has acquired a lender that helps consumers buy solar panels.

Tandem, which has more than 800,000 customers in its domestic market, said: “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.”

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

“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.”

The Gulf state of Qatar through the Qatar Investment Authority (QIA) owns stakes in Barclays as well as stakes in Sainsbury’s, Heathrow Airport, and London’s Shard skyscraper.

Tandem’s funding round follows that of Revolut which recently raised £500m.

Last month, it was reported that Tandem was near to securing funding, said to be near to £50m, which was shy of Tandem’s initial target and later than expected.

Also last month, Tandem’s Chief Technical Officer (CTO) Paul Clark stepped down, the second CTO to leave the digital bank in the past three years. 

Clark was replaced by Noam Zeigerson, Tandem’s Chief Data Officer.

According to Companies House, Tandem Bank Limited lost £13.6m in the year ending 31 December 2018.