Tandem raises £60m; plans to buy green lender

Tandem raises £60m; plans to buy green lender

UK challenger bank Tandem has raised £60 million from investors and intends to buy a green lender that helps consumers buy solar panels, according to a report from Reuters.

Tandem, which provides credit cards and savings accounts to more than 800,000 customers in the UK, has been in the market for new funding since last Spring, when it was reportedly touting for a £100 million raise.

The new round is being led by the Qatar Investment Authority, sources familiar with the matter told Reuters.

Tandem has yet to make a formal announcement, but a spokesman confirmed: “Tandem Bank can confirm that it has secured a significant fundraise, subject to regulatory approvals. Full details of the transaction will be available in due course.”

“[We] will be expanding [our] offering with the acquisition of an established 'green' lending business as part of the transaction.”

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