British digital bank Tandem has acquired Allium Lending Group as part of a £60m ($78.5m) fundraising deal, to enhance its environmental credentials.
The acquired venture specializes in funding energy-efficient home improvement projects, from home insulation, low carbon boilers, and double glazing, to solar panels, heat pumps, and home charging stations.
Go deeper with GlobalData
Allium CEO Paul Noble said: “The acquisition was great news for Allium’s customers and the team, which had worked tirelessly to develop the business focusing on financing improvements for the environment.
“The combination of Allium and Tandem will create the ability to rapidly scale a green banking proposition and help more customers access green finance products.”
Tandem will leverage Allium’s capabilities to launch new green savings and green mortgage products, which will allow its clients to directly contribute in minimizing their environmental impact.
Tandem co-founder and CEO Ricky Knox said: “The combination of Allium and Tandem will create the ability to rapidly scale a green banking proposition and help more customers access green finance products.
“We are delighted to welcome Paul, Allium’s team, and their thousands of environmentally conscious customers to Tandem, and we are excited for our future together.”
