Exclusive: Tandem to name ex-Vanquis chief as new boss
Digital lender Tandem will this week name the former boss of specialist lender Vanquis and Sainsbury’s retail banking arm as its new chief executive, City PM can reveal.
The fintech challenger is set to appoint Neil Chandler, who will replace outgoing chief Alex Mollart.
Chandler has most recently served at the helm of digital Banking-as-a-Service (BaaS) provider Aion Bank.
The industry veteran has also held top roles at Halifax and online retailer Shop Direct.
Chandler will assume the new role, subject to regulatory approval, on June 30, City PM understands.
Mollart will end an over three-year tenure at the digital lender after joining Tandem in 2022 after its acquisition of Oplo – a firm he founded in 2004.
Tandem swung into new markets in 2024
The Blackpool-headquarted fintech – which brands itself as “the UK’s greener digital bank” – reported its third year of profitability in the 2024 final year.
Tandem’s underlying profit grew 40 per cent year-on-year to £24.1m, up from £17.2m in 2023.
Assets under management topped £1.5bn at the end of 2024, a 5.2 per cent increase on the previous year.
The firm’s net interest income slipped to £86m, from £89m previously, but revenue jumped nine per cent to £98.7m.
This came as the firm diversified its lending portfolio as it broke into new markets.
Tandem has partnered with energy intelligence platform Kuppa to expand its “green offering” to home loans.
The bank also entered the motor finance market, topping £160m of new lending in the division.
Chandler’s arrival at the fintech follows his role in Aion’s €376m sale to pan-European Bank UniCredit earlier this year.
The banker spent over a year leading the BaaS provider. Previously he served as a strategic advisor to private equity at Apax.
Chandler said Tandem’s “relentless customer focus” and the bank’s “dual purpose” is what attracted him to the role.
“I’m excited to get going and lead this talented and passionate Tandem team,” he added.