UK-based challenger bank Tandem has successfully secured £60 million in funding and plans to acquire a green lending firm that facilitates consumer purchases of solar panels, as reported by Reuters.
With a customer base exceeding 800,000, Tandem offers a range of financial products, including credit cards and savings accounts. The bank has been actively seeking additional capital since last spring, initially aiming for a £100 million raise.
This funding round is backed primarily by the Qatar Investment Authority, according to sources familiar with the situation. While Tandem has not made an official announcement regarding the funding, a spokesperson confirmed, “Tandem Bank can confirm that it has secured a significant fundraise, pending regulatory approvals. More details about the transaction will be disclosed in due course.”
The spokesperson also mentioned, “We will be expanding our offerings through the acquisition of a well-established green lending business as part of this transaction.”