Tandem Bank has acquired Allium Lending Group as part of a £60 million fundraising deal.

The investment was announced back in March, led by the Qatar Investment Authority, although at that stage the name of the planned green lending business was not given.

For the past six years, Allium has been helping customers make their homes more energy efficient and environmentally friendly, by financing solutions from home insulation, energy efficient boilers and double glazing, to solar panels, heat pumps and home charging stations.

Following the transaction, Tandem will introduce new 'green' savings and mortgage products, together with new innovative digital solutions to let customers directly contribute to reducing their environmental impact.

Allium chief executive Paul Noble, who will join the Tandem executive team, commented: “The combination of Allium and Tandem will create the ability to rapidly scale a green banking proposition and help more customers access green finance products.”

Tandem co-founder and chief executive Ricky Knox added: “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.”

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