Tandem Bank appoints new CFO and CRO to the executive committee

The newest appointments bring decades of experience from the likes of Atom Bank, Barclays, RBS, and the Prudential Regulatory Authority (PRA).

Digital challenger Tandem Bank has appointed David McCarthy as its newest chief financial officer (CFO) and Wahid Ali as its newest chief risk officer (CRO).

McCarthy joins Tandem from Atom Bank, where he had been CFO for the past eight years, following on from previous CFO and senior finance roles at Britannia Building Society, Co-Op Bank and Bank of Ireland.

Ali joins from specialist lender Masthaven and will join McCarthy as a member of Tandem’s executive committee. The executive has 20 years of risk management experience from across the banking sector including holding senior positions at Barclays, RBS and Al Rayan Bank, as well as the Prudential Regulatory Authority (PRA).

The news comes as the bank, founded in 2016, has seen its balance sheet tighten up significantly over the past year.

In the year ending December 2021, its losses totalled £17.9m, down from £19.1m in 2020.

The bank's revenue also experienced a distinct boost in its latest financial year, rising from £11.4m to £19.1m a year earlier. 

Tandem has also looked to pivot towards a more renewability-focused business model over the past few years. 

Earlier this month, Tandem launched a new consumer-focused hub, dubbed ‘Tandem Marketplace’, that will provide customers with information and resources about retrofitting their homes in a greener manner. 

In August 2020, Tandem Bank acquired Allium Lending Group, a UK-based green loans company in a £60m fundraising deal which included the Qatar Investment Authority. 

The latest appointments certainly aren't the only major changes to its senior management which the bank has made over the course of 2022. 

In September, Susie Aliker stepped down from her position as CEO after just 18 months in the job,  a move that would see deputy CEO Alex Mollart, who had previously been founder and CEO of UK lending start-up Oplo, act as chief executive designate until her position is filled. 

The acquisition of Oplo, similar to the acquisition of the Allium Lending Group, was earmarked as part of Tandem’s transition to an overall greener business proposition. 

Commenting on the news, Mollart, Tandem Bank’s Deputy CEO, said that appointment of the two executives will see their wealth of experience help the challenger become the “go-to option for customers transitioning to a lower-carbon lifestyle”.