Tandem Bank, which describes itself as the UK’s greener digital bank, has raised £20 million in Tier 2 capital.

The bank says it is focussed on helping households reduce their carbon footprint and supporting the UK’s transition to a carbon neutral economy.

Tandem said that the funding, which comes from growth investor Quilam Capital, will be used to reinforce the growth trajectory of the bank.

“This investment marks another significant milestone for Tandem as we enter yet another exciting stage in our journey,” said Alex Mollart, chief executive, Tandem Bank. “Following a transformational 2022, this capital will put extra momentum behind our green lending proposition and allows us to capitalise on a number of exciting opportunities to further grow our business.”

Mollart added: “Crucially, we’ve found a great partner in Quliam – investors who truly understand our mission to be the UK’s greener bank and are committed to supporting our plans to get there.”

The capital raise finished in late June 2023 following a process supported by financial services advisor Alantra.

Earlier this year Tandem announced a new partnership with money-saving FinTech snoop.

Snoop uses payments data to provide users with personalised financial insights. The pair-up will give its customers access to Tandem’s savings product offering, including its new Top Up Instant Access account.

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