Tandem Bank acquires green lending business in key step to becoming the UK’s first green digital retail bank
There have been some exciting developments for Allium Lending Group, a business that has been supported with by Honeycomb since 2016, which has just been sold to Tandem Bank. For the past six years, Allium has been helping customers transform their homes, to become more energy efficient and environmentally friendly, by financing a range of products including home insulation, energy efficient boilers, double glazing, solar panels, battery storage, heat pumps and home charging stations. By acquiring Allium, Tandem will become the UK’s first green digital retail bank. Honeycomb Investment Trust will retain an interest in Tandem and Pollen Street will continue to support the management team as they seek to build a bank for people and the planet.
Tandem Bank announces an exciting milestone for the business today and its aim of becoming the UK’s first green digital retail bank, as it acquires Allium Lending Group, a leading green lending business, as part of a £60million fundraising deal that was finalised last week.
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.
To complement its existing suite of award winning products and services 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, will join the Tandem executive team.
Allium CEO Paul Noble says: “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 customer access green finance products.”
Tandem Co-Founder and CEO Ricky Knox Says: “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.”