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Tandem secures GBP 20 million in Tier-2 capital
Neobanks
Jul 4, 2023
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Neobanks
Jul 4, 2023

Tandem secures GBP 20 million in Tier-2 capital

Funding

  • Tandem, a UK-based neobank with a sustainable focus, has secured GBP 20 million (USD 25.4 million) in Tier-2 capital from Quilam Capital, bringing the total funds raised by the company to GBP 154.3 million (~USD 201.2 million).

  • The company plans to utilize the fresh funds toward expanding its business and sustainability-focused lending initiatives.

  • Analyst QuickTake: The funding follows Tandem's report of robust FY2022 results, marking its first profitable year with a net profit of GBP 481,000 (~USD 603,000). Additionally, it reported triple-digit customer growth of 182% YoY, reaching a total of 60,000 retail customers. This reflects the growing demand by customers for green banking services as they become more environmentally conscious. 

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