Tandem has raised £20 million in capital

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Tandem, a challenger bank in the UK, has received a £20 million capital increase from Quilam Capital after reporting its first underlying profit for the entire year last month.

Late in June 2023, after a procedure assisted by financial services advisor Alantra, the capital raise was completed. Earlier in the month, the bank recorded 381% revenue growth and a 128% increase in retail deposits from £771 million to £1.75 billion among over 60,000 customers.

Tandem earned almost £71 million in total, with an operating profit of £4.5 million and a statutory loss before taxes of £12.4 million. The bank recorded £238 million in green home repair loans last year, breaking its previous record of £500 million.

Read More: Tandem secures £20 million capital raise

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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