Going Green - Tandem Bank Reaches £800m in Home Improvement Lending

• Tandem Bank has surpassed £800m in home improvement lending – growing 11.75x since 2019 for the scaling bank
• More than 165,000 customers have benefitted, installing solar panels, heat pumps, boilers and insulation in efforts to reduce emissions and save money along the way

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Tandem Bank has hit a major milestone in its mission to support and finance the UK’s green transition, surpassing £800 million in home improvement lending, with over 165,000 customers benefitting from green and sustainable home improvement loans since 2019.

Since 2019, the value of home improvement originations has climbed from £68.2 million to £801.5 million, an 11.75x increase in just six years. Importantly, 94% of this value has directly supported green lending¹, affirming Tandem’s mission to helping consumers transition to a greener lifestyle, saving them money along the way.

Powering the green home revolution:

• Tandem has funded over 21,000 solar installations² to date – a 40x increase since 2019.
• More than 104,000 energy efficient boilers financed.
• Air source heat pumps, while slower to scale, have seen 58x growth in uptake.
• Doors, windows and insulation upgrades have also grown steadily.

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Julian Nutley, Managing Director of Home Improvement Loans, commented: “We’re thrilled to see the continued success in our home improvement lending business. With households adopting low-carbon technologies at record levels in the first half of the year³ , we saw application volumes rise nearly 20% in July compared to the previous six-month average – clear evidence that more customers are choosing Tandem to fund sustainable upgrades to their properties.”

Tandem has seen a lot of success over the past period, including breaking into the top 30 (#27) of the Sunday Times Tech 100 List and receiving the Gold accreditation by Investor in Customers for its customer service and proposition. Under its new CEO, Neil Chandler, Tandem is looking to build on that success and continue profitable growth and ensure it continues to open accessibility of greener choices for consumers.

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¹ Inclusive of ‘green lending’ defined as aligning to EU Green Taxonomy, and ‘pathway to green’ lending, defined as Tandem’s above average sustainability, relating to greenhouse gas emissions.

² Solar photovoltaic or PV installations

³ https://www.solarpowerportal.co.uk/residential-solar/record-number-of-home-installations-for-low-carbon-tech

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