Challenger bank Tandem has poached the long-time financial executive of rival fintech Atom, according to reports.
David McCarthy, who has served as the chief financial officer (CFO) of Atom Bank for more than eight years, resigned from Atom in September and is set to join Tandem Bank in the same role, Sky News reported.
McCarthy’s departure came as Atom was preparing its options for a potential public listing. The neobank announced it was targeting a 2023 IPO when it raised £75m in February.
A potential SPAC merger in May saw the Durham-based startup eyeing a listing in New York, however, the deal was called off and the company once again began considering listing in London.
Tandem Bank was founded in 2013. The challenger bank has since picked up more than $100m in funding but is looking to stimulate growth by bolstering its executive team.
The fintech will also bring on Wahid Ali as its chief risk officer. Ali has previously worked as an executive at the Royal Bank of Scotland and the Prudential Regulation Authority (PRA).
Tandem offers similar financial services to Atom but specialises in green finances. This comes in the form of products like the green mortgage, which offers reduced rates for homes with high energy efficiency EPC ratings.
Tandem also offers home improvement loans to improve the energy efficiency of properties.
UKTN has reached out to Tandem Bank for comment.
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