David McCarthy will be Tandem Bank’s new chief financial officer (CFO), and Wahid Ali will be its new chief risk officer (CRO). McCarthy comes to Tandem from Atom Bank, where he was CFO for the past eight years.
Before that, he was CFO or in a senior position in finance at Britannia Building Society, Co-Op Bank, and Bank of Ireland. Ali comes from a company called Masthaven, which is a specialist lender. He will join McCarthy on Tandem’s executive committee.
The executive has 20 years of experience in risk management in the banking industry. He has worked in top positions at Barclays, RBS, Al Rayan Bank, and the Prudential Regulatory Authority, among other banks (PRA).
The bank was started in 2016, and its balance sheet has tightened up a lot over the past year. It lost £17.9 million in the year ending in December 2021, which was less than the £19.1 million it lost in 2020.
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In the last financial year, the bank’s income went from £11.4 million to £19.1 million, which is a big jump. Over the past few years, Tandem has also tried to change its business model to focus more on being able to be used again and again.
This month, Tandem launched a new hub for consumers called “Tandem Marketplace.” This hub will give customers information and tools for making their homes more energy efficient.
In August 2020, Tandem Bank bought Allium Lending Group, a UK-based green loans company, for £60 million. The Qatar Investment Authority was one of the investors in this deal.
UK challenger @Tandem_Bank appoints new CFO and CRO to bolster its leadership team
David McCarthy has been named as the firm’s new chief financial officer (CFO) with Wahid Ali joining as chief risk officer (CRO). https://t.co/3iyQKVReue
— FinTech Futures (@FinTech_Futures) November 22, 2022
The bank has made a lot of big changes to its top management over the course of 2022, and these aren’t the only ones. Susie Aliker quit as CEO in September after only 18 months on the job.
In her place, deputy CEO Alex Mollart, who had been the founder and CEO of UK lending start-up Oplo, will act as chief executive until her position is filled.
The purchase of Oplo, like the purchase of the Allium Lending Group, was planned as part of Tandem’s move toward a greener business model as a whole.
Mollart, the Deputy CEO of Tandem Bank, said in response to the news that the experience of the two new executives will help the challenger become the “go-to option for customers switching to a lower-carbon lifestyle.”
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