Tandem Bank has successfully acquired Allium Lending Group, a prominent provider of green loans, in a notable £60 million fundraising initiative completed last week.
Allium specializes in financing energy-efficient home improvements, including insulation, low-carbon boilers, double glazing, solar panels, heat pumps, and home charging stations. Following this acquisition, Tandem plans to launch new green savings and mortgage products, enabling customers to actively reduce their environmental footprint.
Paul Noble, CEO of Allium, will join Tandem’s executive team. He commented, “The merger of Allium and Tandem will enable us to rapidly expand our green banking offerings and provide more customers with access to sustainable finance solutions.”
In March, Tandem announced its £60 million fundraising from several investors, including the Qatar Investment Authority, although specific transaction details were not disclosed. A spokesperson for Tandem stated, “We can confirm that we have secured significant funding, pending regulatory approvals, and more details will be provided in due course. Our expansion will include the acquisition of an established green lending business as part of this initiative.”