Tandem Bank on the hunt for London home

Tandem Bank is on the hunt for a new London office to house around a sixth of its workforce.

The neobank’s London-based staff are currently working from a “ringfenced private” WeWork space in London while it hunts for a permanent London base.

Tandem’s London team were previously housed in offices in Holborn, London, until the lease expired.

In total, Tandem, which launched in 2014, employs over 500 people in offices in Blackpool, Cardiff, Durham, London and Manchester.

Tandem has changed its registered office address at Companies House from Holborn to Blackpool, where the consumer lender Oplo it acquired last year is based.

Tandem’s acquisition of Oplo brought its total assets to £1.2bn and customer base to 171,000 and broadened its product offering across consumer lending products including first and second-charge mortgages, home improvements loans, car finance and personal lending.

In June this year, Tandem reported a full-year operating profit for 2022, making a turnaround for the bank after a tumultuous few years.

Tandem saw its deposits rise from £771m to £1.75bn and lending rose by 175 per cent to £1.2bn during the calendar year 2022, boosted by its new second-charge mortgages and growing green home improvement lending.

Together this helped Tandem generate over £71m worth of income, resulting in a £4.5m underlying operating profit for the very first time since the business was founded in 2016.