Tandem posts 40% profit growth, underlining its status as the UK’s greener digital bank

• Third year of profitability with underlying profit up 40% to £24.1 million (£17.2m FY23) and statutory profit of £4.4 million
• New lending reaching a record of £538m in the year
• Assets under Management growing 5.2% to over £1.5 billion
• Revenue up over 9% to £98.7m (£90.3m FY23)  
• Green lending* up 9% to £572m (up from £523m FY23), 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
• Awarded "Best Customer Service” and "App-only Savings Provider of the Year" at MoneyFacts Awards 2025
• Tandem placed among the UK's top employers in the Sunday Times Best Places to Work 2024 list

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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 in 2024 while there was also a record number of certified heat pumps, solar panels or battery storage systems installed in UK homes***.

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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)

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• 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)

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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.”

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The last 12 months saw Tandem strengthen its position as the UK’s greener digital bank:

• Wholesale update of Tandem’s mobile app, with enhanced digital banking experience and new features including a free credit score tool
• Relaunch of the Tandem Green Hub, the go-to destination for customers looking to transition to a greener lifestyle, including Tandem’s personalised Green Home Plan
• Tandem Motor Finance awarded 'Exemplary Commitment in B2C Funding' at the FLA ESG Awards 2024
• Tandem Savings named winner of ‘Best Customer Service’ and ‘App-only Savings Provider of the Year’ at MoneyFacts Awards 2025
• Recognised among UK's top employers in Sunday Times Best Places to Work 2024 list

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View the full report here

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_{* Green(aligned to EU Green Taxonomy) and Pathway to Green (Tandem’s above average sustainability, relating to greenhouse gas emissions) lending reached £572m in2024, compared to £523m in 2023}

_{**Green lending as a % of assets under management at December 20424}

_{***The Microgeneration Certification Scheme - https://mcscertified.com/2024-was-a-record-year-for-small-scale-renewables/}

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