Building the UK’s greener, digital bank, Tandem is proud to announce it has approved £650m in new lending in green and ‘pathway to green’ home improvement lending (HIL). This milestone highlights Tandem’s ongoing commitment to helping UK households reduce their carbon footprint and enhance energy efficiency.
The past two years have been a transformative period for Tandem’s HIL business, including the complete integration of specialist lender, Allium Lending Group, and the migration of heritage distribution operating systems to the group’s in-house originations platform.
With around 95% of Tandem’s HIL loan book focussed on green and ‘pathway to green’ products, customers have financed solar panels, battery storage, energy efficient heating and double glazing – helping to cut CO2 emissions and energy costs. Notably, Tandem’s home improvement loans are partially funded via customers’ fixed savings deposits.
Tandem’s dedication to promoting energy efficiency and supporting consumers in retrofitting their homes led to the launch of the Green Hub – the UK’s first greener marketplace. The Green Hub beta version, launched last year, providing consumers with tools to assess their home’s sustainability and access suitable financing solutions, creating a pathway to a greener lifestyle. The hub as had over 200,000 visits since launch and over 1,700 personalised Green Home Plan journeys fully completed.
Alex Mollart, CEO at Tandem Bank, commented: “Households contribute to 40% of the UK’s emissions. Getting a firm grip on this and helping consumers cut household emissions would represent a big step in the UK’s transition to net zero. Today’s milestone shows that customers want to start the transition and we’re here to help many more – but more widely, they need support and a solid plan from the new Government to ensure that many more can make greener choices.”
Julian Nutley, Tandem’s Managing Director of Home Improvement Loans, commented: “Tandem is leading the charge in the HIL market – a sector set for exponential growth over the next decade as more households look to retrofit their homes. Our skilled team has made great progress on this front in recent years, growing Tandem’s loan book from £136m in 2022 to where we are today. We’re committed to ensuring Tandem remains at the forefront of consumer’s transition to greener living.”
The milestone follows a significant transformation for the bank over the last two years, which has seen its customer numbers increasing to over 300,000, deposits more than doubling for a second consecutive year to over £3.6bn, and breaking into profit for the second year – with a near five-fold increase in underlying profit reported in its 2023 annual report and accounts.
Banking shouldn’t cost the world. Tandem offers greener ways to save, borrow, spend and share. From low emission motor loans, to lending for greener home improvements, to EPC discount mortgages and savings, its products make it easier for more people to choose a greener lifestyle – helping save money, whilst reducing carbon footprints.
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