Tandem Bank is acquiring fast-growing consumer lender, Oplo to create a ‘fairer, greener’ digital bank for UK consumers.
Tandem Bank is acquiring fast-growing consumer lender, Oplo to create a ‘fairer, greener’ digital bank for UK consumers.
The transaction, which has been spearheaded by Pollen Street Capital, has received regulatory approval and will complete before the end of January 2022.
The business combination will create a profitable digital bank with significant scale (the combined business will have GBP1.2 billion of total assets – including GBP230 million in green lending – GBP1 billion of funding and a growing customer base of over 171,000 customers serviced by a UK-based team of 500 people); a complementary consumer lending platform; an established digital savings business; and a purpose led Bank focused on a fairer and greener future.
