Tandem Bank – the UK’s greener digital bank – today publishes its latest annual report, revealing  profitability up 40% with underlying profit reaching £24.1m, revenue up over 9% to £98.7m and AUM  growing 5.2% to over £1.5bn. 

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 

This year’s results underline the significant progress Tandem has made delivering on its strategy to grow  green lending, with increased profitability and strong balance sheet management: 

• Strong underlying growth in green lending and core lending segments: 

• £572m of green and ‘pathway to green’ lending up 9% (£523m FY23) 

• £160m of new motor finance lending with 80% of cars now meeting government Clean Air  Zone criteria, doubling total motor finance lending to £224m (£114m FY23) 

• £114m of new lending in Home Improvement Lending (HIL) business, supporting customers’ transition to low carbon energy solutions such as solar, heat pumps and battery storage at  home – maintaining total HIL lending at £337m (£338m FY23)  

• Strong balance sheet optimisation: 

- Successful securitisation of £268m second charge mortgage portfolio 

- Gross new lending reached record high of £538m (£604m FY23) – with 40% increase in motor  finance 

- Assets under management up 5.2% to £1.51bn (£1.43bn FY23) 

- Total customer lending reduced to £1.21bn (£1.37bn FY23) as part of strategic balance sheet  management 

- Customer deposits down 20% to £2.9bn (£3.6bn FY23) after exceptional growth in 2023, with  deposits managed in line with balance sheet requirements in 2024 to support profitability 

• Common Equity Tier 1 ratio reached 17.4% (up from 16.1% FY23) 

Alex Mollart, Chief Executive Officer at Tandem, comments: “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.”