Tandem Bank has acquired money-sharing app Loop Money

UK-based, Tandem Bank has acquired money-sharing app Loop Money for an undisclosed figure. 

“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,” said Alex Mollart, Tandem’s CEO.

Launched in early 2022, Loop is the UK’s first social network app focused exclusively on helping friends and family to easily and safely lend and borrow money with each other. 

“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.”

Loop will continue to operate as a standalone app and brand, but Tandem plans to embed its products and features within Loop over time.