Tandem Bank, a UK challenger launched with a focus on sustainability, is acquiring a fast-growing consumer lender called Oplo.
In Brief:
The newly combined group will have “day 1 profitability”.
It will bring Tandem Bank’s total assets to 31.3bn.
Tandem Bank will have over 171,000 customers.
What does this mean?
The businesses are joining together to create “the UK’s fairer, greener digital bank”. The new business will be led by Tandem Bank CEO Susie Aliker, with Oplo Founder Alex Mollart becoming Deputy Chief Executive.
Aliker commented: “The two businesses are a great fit, bringing together a complementary range of lending and savings products, with a shared common purpose to make a difference for our people, customers and the planet. With our flexible digital platform, new enlarged scale and strong profitability, Tandem is fantastically well positioned to become one of the UK’s leading digital banks.”
