Tandem Bank to acquire Oplo

Tandem Bank has announced it is acquiring consumer lender, Oplo with the merger aiming to create a fairer, greener digital bank for UK consumers.

The newly combined business will create a leading digital bank with £1.2 billion of total assets supported by £1 billion of funding with more than 171,000 customers.

Tandem’s CEO Susie Aliker will lead the combined business, supported by Oplo founder, Alex Mollart, as Deputy Chief Executive.

The transaction has been spearheaded by Pollen Street Capital.

Susie Aliker, Chief Executive of Tandem Bank said “This is a really exciting moment for Tandem – by combining with Oplo we will create a bank totally focused on helping our customers to make fairer and greener financial choices.”

“The two businesses are a great fit, bringing together a complementary range of lending and savings products, with a shared common purpose to make a difference for our people, customers and the planet. With our flexible digital platform, new enlarged scale and strong profitability, Tandem is fantastically well positioned to become one of the UK’s leading digital banks.”

Alex Mollart, Deputy Chief Executive of Tandem Bank, and founder and CEO of Oplo, said “We have built Oplo into one of the UK’s leading consumer lenders with a clear mission to offer financially fair lending products, helping hard-working people across the UK who are often overlooked and underserved by traditional lenders.”

“Joining forces with Tandem creates a powerful new force which will enable us to launch smart products and develop new technologies to support even more consumers in their everyday financial lives.”

Matthew Potter of Pollen Street Capital, said “We are excited to announce the combination of Tandem and Oplo and to work with Susie and Alex to build the UK’s leading consumer green digital bank. The combined business will have great foundations, both in Oplo’s strong asset origination capabilities as well as in the digital banking platform and green proposition of Tandem.”