Tandem Names New CFO Amid Strong Financial Performance

Tandem Bank, which has achieved significant underlying profitability in recent years, has announced the appointment of Matt, currently its Treasury Director, as the new Chief Financial Officer (CFO). He will succeed Dave McCarthy, who will remain accountable for regulatory duties until the end of December, and work closely with Matt to ensure a seamless transition. Matt is set to formally assume the role on January 1, pending regulatory approval.

Matt has played a pivotal role in shaping Tandem’s financial strategy since joining the company 18 months ago. His contributions include leading the bank’s first securitisation, named Fylde, which was completed in Q3 of this year, successfully selling over $316 million in assets. With 25 years of experience in finance and treasury roles at institutions such as Barclays, Bank North, and Furness Building Society, Matt brings a wealth of expertise to his new position.

Dave McCarthy, who initially joined Tandem for a two-year period to oversee the integration of Oplo, Allium, and the original Tandem Bank, has been instrumental in the bank’s transformation. Under his leadership, Tandem evolved into a unified institution—the “new Tandem”—achieving milestones such as underlying profitability, which surged nearly five-fold last year to approximately $21.5 million, alongside sustainable customer growth.

Tandem CEO Alex Mollart expressed confidence in Matt’s appointment, emphasizing the significant impact Matt has already made on the bank’s financial strategy, including the recent securitisation. Mollart highlighted Matt’s dedication to Tandem’s mission of supporting UK consumers in transitioning to a lower-carbon lifestyle and expressed optimism about his future success in the role.

Mollart also extended gratitude to Dave McCarthy for his contributions to Tandem’s growth, including building a sustainable and well-controlled balance sheet and driving profitability. He wished McCarthy well in his future endeavors.

This leadership transition comes during a period of remarkable transformation for Tandem. The bank’s 2023 annual results reflect strong growth, with customer numbers surpassing 300,000 and deposits more than doubling for a second consecutive year to exceed $4.5 billion. Tandem reported underlying profits of around $21.5 million, marking its second consecutive year of profitability.

Tandem Bank’s products are designed to promote a greener future, offering low-emission motor loans, financing for eco-friendly home improvements, EPC discount mortgages, and savings solutions. By helping customers save money while reducing their carbon footprints, Tandem continues to position itself as a leader in sustainable banking.

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