After an extensive search, Tandem, which has moved into significant underlying profit over recent years, has appointed its new CFO to succeed Dave McCarthy.

His appointment follows playing a key role in shaping its financial strategy, including leading its first Tandem Second Charge Mortgage securitization, Fylde, which was successfully completed in Q3 this year with over £250m of assets sold. Currently Tandem’s Treasury Director, Matt has 25 years of experience in Finance and Treasury roles in the UK banking industry. This includes seniors at Barclays, Bank North and Furness Building Society. Matt has spent the last 18 months at Tandem.

Dave McCarthy will continue to hold Regulatory accountability until the end of December and work closely with Matt to ensure a smooth handover. Matt is expected to formally take the role from 1st January, initially as CFO designate subject to the regulator’s approval.

Originally joining Tandem for a two-year period to help with the integration of Oplo, Allium and the ‘old’ Tandem, Dave has been instrumental in Tandem’s journey and transformation into a single bank, the ‘new’ Tandem – including breaking into underlying profitability, increasing that profit by almost five-fold last year (to c.£17m), as well as bringing in sustainable customer growth. 

Alex Mollart, Tandem Bank’s CEO, said: “I'm thrilled to announce Matt as our new CFO, especially as an internal appointment. Since joining as Director of Treasury, he’s made a significant impact on our financial strategy, including our recent securitisation. Matt’s dedicated to our mission of helping UK consumers transition to a lower-carbon lifestyle and so I know he’s going to be a success. 

“I’d also like to thank Dave McCarthy. Joining us to help with the integration of Oplo and Allium, Dave’s been instrumental in our journey – breaking into profitability and building a sustainable and well controlled balance sheet. We wish him well on his future endeavours.”

The appointment comes after Tandem’s impressive annual results this year, which reflect a significant transformation for the bank over the last two years. In 2023, Tandem saw its customer numbers soar to over 300,000, deposits more than doubling for a second consecutive year to over £3.6bn and profits surged nearly five-fold, marking a second year in a row in underlying profit, at £17m.

If you save, borrow or spend with Tandem, you’re banking for a greener future. From low-emission motor loans to lending for greener home improvements, to EPC discount mortgages and savings, its products make it easier for more people to choose a greener lifestyle – helping save money, whilst reducing carbon. Together, we’ll leave the planet in better shape, because banking shouldn’t cost the Earth.