Tandem Bank has acquired Allium Lending Group, a leading green loans company, as part of a £60million fundraising deal that was finalised last week.
Allum specialises in financing energy efficient home improvement projects, from home insulation, low carbon boilers and double glazing, to solar panels, heat pumps and home charging stations.
As a result of the acqusition, Tandem intends to introduce new green savings and green mortgage products to enable its customers to directly contribute to reducing their environmental impact.
Allium’s CEO, Paul Noble, will join the Tandem executive team. He says: “The combination of Allium and Tandem will create the ability to rapidly scale a green banking proposition and help more customers access green finance products.”
Tandem confirmed in March that it had raised £60m from investors including Qatar Investment Authority, although full details of the transaction were not disclosed.
At the time, a Tandem spokesperson said: “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.”