Tandem Bank set to acquire consumer lender Oplo

Tandem Bank has announced it is acquiring fast-growing consumer lender Oplo in the hope of creating a fairer, greener digital bank for UK consumer.

The combined business will have £1.2 billion of total assets – including £230 million in green lending – £1 billion of funding and a growing customer base of over 171,000 customers serviced by a UK-based team of 500 people.

The acquisition will also broaden Tandem’s product offering across a range of consumer lending products including first and second charge mortgages, home improvement loans, car finance and personal lending.

Tandem will also build on its existing savings franchise to enhance its range of savings products.

Susie Aliker, Chief Executive of Tandem Bank commented: “This is a really exciting moment for Tandem – by combining with Oplo we will create a bank totally focused on helping our customers to make fairer and greener financial choices.

“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.”

Alex Mollart, Deputy Chief Executive of Tandem Bank, and Founder and CEO of Oplo, said: “We have built Oplo into one of the UK’s leading consumer lenders with a clear mission to offer financially fair lending products, helping hard-working people across the UK who are often overlooked and underserved by traditional lenders.

“Joining forces with Tandem creates a powerful new force which will enable us to launch smart products and develop new technologies to support even more consumers in their everyday financial lives.”