Tandem Bank has acquired consumer lender Oplo, creating a combined business with £1.2 billion of total assets, £1 billion of funding and 171,000 customers serviced by a UK-based team of 500 people.
Tandem launched in 2014 as one of the UK’s original digital challenger banks. Over the years it has undergone several pivots in its bid to create a profitable business model, acquiring Harrods Bank in 2018, shutting down its credit card business in 2020 and repositioning as a green lender with the takeover of Allium Lending Group in 2020.
The acquisition of Manchester-based Oplo will broaden Tandem’s product offering across a range of consumer lending products including first and second charge mortgages, home improvement loans, car finance and personal lending.
Oplo launched in 2009, providing credit to UK borrowers underserved by traditional high street banks. The firm has provided £915 million loans to customers since launch.
Under the arrangement, Tandem’s CEO Susie Aliker will lead the combined business, supported by Oplo founder, Alex Mollart, as deputy chief executive.
Former Credit Suisse exeutive Aliker was installed as CEO by Tandem investor Pollen Street Capital in May last year, taking over from founder Ricky Knox.
Speking of the acquisition, Aliker says: “The two businesses are a great fit, bringing together a complementary range of lending and savings products, with a shared common purposet. With our flexible digital platform, new enlarged scale and strong profitability, Tandem is fantastically well positioned to become one of the UK’s leading digital banks.”