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Tandem has a clear objective: to offer financial services to UK residents in an environmentally responsible way. With principles such as Green Lending and tools to calculate the energy expenditure of British households, Tandem is taking a stand for the environment.
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Classic, green and innovative financial services
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Tandem does not revolutionize the field in terms of financial services offered, but innovates especially in terms of their use. Among their proposal, we find the classic services, such as real estate loans, savings services, personal loans…
The association with Oplo and Allium, to which we will return in more detail in the second part, has brought about new services, which focus on the ecological impact.
For example, Tandem offers a second charge mortgage or secured loan on which potential customers can access discounts based on their Energy Performance Certificate. New customers of this service can access a discount of up to 0.5% of the rate, if their EPC has an A, B or C rating. These financial services are available thanks to the association of Oplo and Tandem, also offering the calculation of your carbon footprint for personal loans.
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Another service that represents Tandem’s values is Home Improvement Loans, offered in partnership with Allium. This service, born out of the UK government’s Net Zero project, aims to drastically reduce the carbon footprint of residents by 2050. It allows users to take out loans to install carbon-reducing equipment such as solar panels, insulating windows and conservatories. In addition to reducing their carbon footprint, customers of this service improve their EPC and will be able to access a discount on their rate – thus creating a positive loop.
Please note: like many neo-banks, Tandem’s services are only available on the dedicated app and for UK residents for at least 3 years.
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Recent partnerships of Tandem for greater ambitions
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Tandem had a rocky start, including the temporary loss of their banking license in 2017, right after a £22 million raise. This hiccup would not stop the British fintech from rolling out their app in the same year.
The following year (2018), Tandem bought Harrods Bank, then Allium Lending Group in 2020. This last purchase will lead to the creation of the famous Home Improvement Loan we mentioned above.
Finally, in 2022, Tandem merged with Oplo, which shared the same vision of green digital banking. It is from this moment on that Tandem is growing as an ecological actor, with the will to raise awareness through financial services.
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With this acquisition, the combined business of the two fintechs amounts to 1.2 billion pounds of assets, including 230 million pounds of green lending. According to Tandem, nearly 12,000 tons of CO² reduction will be achieved in 2021 by the combination of the two fintechs.
Tandem is therefore participating in the rise of green fintechs, which are becoming more and more present (especially because of environmental concerns that never stop growing). Calculating your carbon footprint or responsible crowdfunding… A range of innovative financial services is emerging with the same objective: to raise users’ awareness of the impact of their actions on the environment.
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