Tandem Bank has made its first acquisition of 2023
IN BRIEF:
Loop Money was co-founded by Tandem’s chair Paul Pester
Loop is a social network that helps friends and family to lend and borrow money amongst each other
Loop will continue to operate as a standalone app and brand, but Tandem plans to embed its products and features
What does this mean?
“Tandem is on a mission to build the UK’s greener, digital bank – offering customers more sustainable ways to save, borrow and spend. The addition of Loop to our award-winning digital product range fits perfectly with our strategy,” said Alex Mollart, Tandem’s CEO. “Loop’s unique approach to money sharing offers users a real alternative to expensive overdrafts. Given the app’s early success among Gen-Z users, the acquisition of Loop gives us a fantastic opportunity to grow Tandem’s customer base among a generation of climate-conscious consumers.”
