Tandem Bank

Tandem Bank acquires green lending business

Tandem Bank has acquired Allium Lending Group as part of a £60m fundraising deal that was finalised last week, in a bid to become the UK's first green digital retail bank.

For the past six years, Allium has been helping customers transform their homes to become more energy efficient and environmentally friendly, by financing everything from home insulation, energy efficient boilers and double glazing, to solar panels, heat pumps and home-charging stations.

Tandem will introduce new green savings and green mortgage products, together with new innovative digital solutions, which will enable its customers to directly contribute to reducing their environmental impact and help to create a more sustainable planet.

Allium’s CEO, Paul Noble — who will join Tandem’s executive team — said: “This is great news for our customers and the team that have worked tirelessly to develop the business focussing on financing improvements for our environment. 

“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 co-founder and CEO, Ricky Knox, added: “Our journey so far has been filled with finding innovative solutions to customers’ money problems, such as our incredibly successful Autosavings feature. 

“We now have an opportunity to do even more than that. 

“We’re delighted to welcome Paul, Allium’s team, and their thousands of environmentally-conscious customers to Tandem, and we are excited for our future together. 

“I look forward to helping many more people help the planet over the coming months and years.”

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