Tandem Bank acquires money sharing app Loop
By Gloria Methri
Tandem Bank is strengthening its strategy to build the UK’s greener, digital bank with the acquisition of Loop, the fast-growing money-sharing app.
The addition of Loop to Tandem Bank’s digital offering will give customers a unique way to borrow and lend from each other while supporting the transition to a low-carbon economy.
Launched in early 2022, Loop prides itself as UK’s first social network app focused exclusively on helping friends and family to easily and safely lend and borrow money. Designed to revolutionise the informal money-sharing market, Loop helps users avoid expensive bank overdraft charges.
Since its launch, Loop has targeted young professionals and students, reaching around 2 million people through its social and digital activities. The company will continue to operate as a standalone app and brand, with plans to embed Tandem products and features in the Loop app.
Tandem’s Chief Executive, Alex Mollart said, “Tandem is on a mission to build the UK’s greener, digital bank – offering customers more sustainable ways to save, borrow and spend. The addition of Loop to our award-winning digital product range fits perfectly with our strategy.
“Loop’s unique approach to money sharing offers users a real alternative to expensive overdrafts. Given the app’s early success among Gen-Z users, the acquisition of Loop gives us a fantastic opportunity to grow Tandem’s customer base among a generation of climate-conscious consumers.”
The acquisition of Loop follows a year of significant transformation for Tandem Bank. In early 2022, Tandem acquired consumer finance lender Oplo. This led to growth in the bank’s lending assets, as well as the bank reaching profitability and refocusing its strategy on building the UK’s greener, digital bank.
Since then, the FinTech has seen a full rebrand, the launch of several new products and propositions, as well as a number of new senior appointments.
IBSi Daily News Analysis
March 01, 2024
Banking Sector and regulatory framework: addressing India’s growing demand for secure lockersRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
March 01, 2024