Tandem Bank’s Search for a New London Office
Tandem Bank, a neobank that launched in 2014, is currently in search of a new London office to accommodate approximately one-sixth of its workforce. At present, Tandem’s London-based employees are operating out of a temporary WeWork space in London while they look for a permanent base in the city.
The previous office location for Tandem’s London team was in Holborn, London, until the lease expired. The bank now employs over 500 individuals across various offices in Blackpool, Cardiff, Durham, London, and Manchester.
In a recent move, Tandem changed its registered office address at Companies House from Holborn to Blackpool, where it acquired consumer lender Oplo last year. This acquisition boosted Tandem’s total assets to £1.2 billion and expanded its customer base to 171,000.
Tandem’s product offering has also expanded due to the Oplo acquisition. The bank now provides consumer lending products such as first and second-charge mortgages, home improvement loans, car finance, and personal lending.
Despite facing a challenging few years, Tandem reported a full-year operating profit for 2022. The bank experienced significant growth in deposits, increasing from £771 million to £1.75 billion. Lending also rose by 175%, reaching £1.2 billion, driven by the introduction of new second-charge mortgages and the growing demand for green home improvement loans.
These positive developments resulted in Tandem generating over £71 million in income and achieving a £4.5 million underlying operating profit for the first time since its establishment in 2016.