Breaking News
Tandem Bank reports transformational year in 2022
Tandem Bank is further cementing its position as one of the nation’s go-to banks for those looking to save, borrow and spend a little bit greener, as it reports its business performance for 2022.
With a transformational year, the bank has surpassed a number of financial milestones:
- Underlying operating profit of £4.5m – breaking into underlying profitability for the first time in bank’s history
- Retail deposits increased from £771m to £1.75bn (uplift of 128%)
- £350m of second charge mortgages originated (FY21: nil)
- Tandem launched bespoke mortgage product in February 2022
- £238m of green home improvement lending (FY21: £136m), taking the book to £272m (FY21: £150m) – representing 68% of lending at YE
- Motor Finance re-launched, totalling £11m (FY21: £0.3m) taking the book size to £18.3m (FY21: £9.3m)
- But with redefining its mission to make it easier for more people to choose a greener lifestyle, the bank also had successes in maximising potential in supporting the UK’s transition to net zero and the shift to a carbon neutral economy:
- New single Tandem brand with clear business purpose to support green credentials – Banking for a Greener Future
- The launch of the UK’s first greener Marketplace
- Creation and roll-out of new impact strategy and ESG framework, focused across product, planet and people
- 68% of all loans now supporting green lending (23% by value)
- Over 35k trees planted and 20k volunteering hours by employees across Tandem’s five sites
- Signatory of the 2025 Fintech Pledge and proud member of the Green Finance Institute’s Coalition for the Energy Efficiency of Buildings
Activity has and performance has also been underpinned by enhancements in the bank’s product and proposition offerings, including:
- Launch of first specialised mortgage product
- Launch of new EPC discount mortgage feature
- Delivery of new savings journey for customers, including an award award-winning savings app and online journeyPartnership with Raisin savings platform
- Launch of its market-leading Top Up rate for savers
But underpinning Tandem’s future is an investment and enhancement of its digital, data and technology capabilities. This saw the bank’s acquisition activity and operations – Oplo and Allium – merge under one business, as well the development of its platform, growing its network of strategic partners, financial advisers, and brokers. This has also further been developed with the acquisition of unique money sharing fintech, Loop Money in Q2 2023.
Commenting on the performance, Alex Mollart, Tandem’s CEO, said: “2022 was a transformational year for Tandem, against the backdrop of a difficult macro-environment.
“Our shift to become a greener bank has given us a single purpose to get behind, aligning all of our efforts to ensure we support the UK’s transition to a carbon neutral economy. This has helped us achieve an underlying operating profit for the first time and, importantly, provides a path to delivering ongoing and sustainable profitability.
“We’ve already seen success across early 2023 too, I’m excited for what Tandem has to offer, including an exciting delivery roadmap and expanding our technical capabilities – evidenced already this year, with our recent acquisition of Loop Money – as well as continuing our mission in supporting greener living up and down the country.”
As the UK’s greener, digital bank, Tandem is focussed on helping households reduce their carbon footprint and supporting the UK’s transition to a carbon neutral economy.
The bank offers sustainable and simple ways to save, borrow, and spend with market leading savings, home improvement loans, mortgages, and motor financing. Underpinning this product offering is a strong fintech banking platform, that includes an award-winning app and a digital franchise that supports a growing network of financial advisers and brokers.
People In This Post
Companies In This Post
- Equifax and Mastercard Join Forces to Combat Payment Fraud in Latin America Read more
- BlueSnap Named a Preferred Payments Partner for Zuora Read more
- Abacus Group and Zero Networks Partner to Boost Network Security Across Financial Services Read more
- Bitget Lists GMCI Meme Index Perpetual: Capturing the Essence of Crypto’s Trending Meme Culture Read more
- MobiFin and INETCO Partner to Deliver Cutting-Edge Digital Banking and Payments Security Read more