Blackpool-based Tandem Bank – the UK’s “greener digital bank” – published its latest annual report, posting the company’s first statutory profit as revenue rose 9% to £98.7 million and assets under management (AUM) increased 5.2% to over £1.5 billion.
Tandem said its “green lending” was up 9% to £572 million, with 38% of total lending green.
“Tandem’s lifetime lending for new low-carbon energy solutions has now topped £700m, funding more than 160,000 customers’ transition to a lower carbon lifestyle,” said the bank.
Underlying profit rose 40% to £24.1 million and statutory profit was £4.4 million. New lending reached a record of £538 million in the year.
Total customer lending fell to £1.21 billion from £1.37 billion in FY23 “as part of strategic balance sheet management.”
Customer deposits were down 20% to £2.9 billion “after exceptional growth in 2023, with deposits managed in line with balance sheet requirements in 2024 to support profitability.”
Tandem Bank CEO Alex Mollart
The bank added: “2024 was Tandem’s third year of profitability since the transformational acquisition of consumer lender Oplo and the bank’s strategic pivot to support UK consumers’ transition to net zero – helping mainstream consumers reduce their carbon footprint and save money along the way.
“Tandem is now strongly positioned as one of the UK’s leading fintechs, with award-winning savings products that offer consumers great rates, which power the bank’s expanding green lending offer, designed to help homeowners and car buyers transition to a greener, lower carbon lifestyle.
“The potential to build the UK’s greener digital bank for mainstream customers has been reinforced by continuing high numbers of consumers looking to transition to a greener lifestyle – electric vehicle sales reached a record high in 2024 while there was also a record number of certified heat pumps, solar panels or battery storage systems installed in UK homes.”
Tandem Bank CEO Alex Mollart said: “We knew 2024 was going to be an important year for Tandem and we’ve worked incredibly hard to get the bank to a place where we’re now posting our first statutory profit.
“We’ve done it whilst delivering new and innovative green products to help build a greener digital bank that empowers the transition to a lower carbon lifestyle and helps save money along the way.
“Our mission is to make it easier for people to choose a greener lifestyle. It sounds simple, but as products and services get more expensive, environmental rules and regulations get more complex and banks offer increasingly limited services on old tech. What Tandem is doing is, in my view, quietly revolutionary.
“Our hard work is underpinned by great tech and dedicated employees who helped us land a spot in The Sunday Times Great Places to Work 2024 and The Sunday Times Top 100 Tech Companies 2025.
“I’m incredibly proud of the last 12 months and I’m already looking to the future and excited about Tandem’s next steps.”