Anthemis and Creandum join Passion Capital, LocalGlobe and some of the UK’s most prominent angel investors to back Tide The investment coincides with Tide’s partnership with online lender iwoca, which will give small businesses access to loans of up to £100,000 EMBARGOED UNTIL: 0600 BST, 4th July 2017, London: Tide, the mobile-first SME banking service […]
Changing Tides: Small business current account provider Tide to revolutionise how small businesses manage their finances
Small business banking receives a major boost today with the launch of Tide, an innovative new UK business account app designed to radically change how small businesses manage their finances, saving them time and money to help businesses thrive.
While it can often take weeks to set up a business account with a high street bank, Tide allows users to set up a fully functioning business account in a matter of minutes using their passport or driving licence. Tide members will be given a UK sort code and account number with a business Tide Mastercard for daily expenses. All UK sole traders and limited companies with UK shareholders are guaranteed to be accepted as Tide customers.
Saving time and money
Tide’s mobile-first user experience means people running small businesses can make the most of every minute in the day. Tide’s automated book keeping service categorises transactions as they are made, making managing accounts more clear and efficient, thus minimising potential accountants’ fees.
Payments made easy
Tide also allows users to upload any supplier invoice and it will automatically prepare a payment ready to be made at the push of a button. Users can also create and send fully customisable invoices, saving them hours and allowing them to manage their cash flow more efficiently.
Transparency to SMEs
With no monthly fees, and a simple 20p per bank payment and £1 per cash withdrawal charge, Tide gives small business owners and freelancers the most transparent usage costs in the market – without the fear of hidden charges.
Launched today for iPhone, Android and web, Tide will be unveiling additional features such as multi-user access in the coming months. Tide has already agreed a partnership to provide an integrated service offering with accountancy software provider Xero, and will be announcing brand partnerships with additional FinTech providers later this year.
Created with – and for – small businesses
Tide has been created with the feedback of Tide’s “Founder Members”. Founder Members are early users made up of a cross-section of small business owners from across the country who provide invaluable feedback and are an integral part of the service’s development.
George Bevis, Tide founder and CEO commented:
“For too long, the business services offered by high street banks have failed to meet the needs of the modern small business owner. With slow sign-up processes, hidden charges and poor customer experience, business banking has been stuck in the dark ages. Tide is designed solely to meet the needs of small business owners. We want to remove the pain points that small business owners have previously faced and make Tide a true partner in their day to day business.”
“Managing financial admin is never a small business owner’s favourite task. With Tide, entrepreneurs can save time and money, enabling them to spend more time doing what they love and growing their business,” he continued.
“And we are lucky to have the participation of our own fast-growing community of business owners who are at the heart of our mission to revolutionise banking services for startups and small businesses nationwide. Using our in-app chat support and community forum, our Founder Member Managers are always on hand to meet our members’ needs.”
Eileen Burbidge, Tide’s chairman and Passion Capital partner commented:
“Having invested in more than 60 businesses in the past few years, my partners and I at Passion Capital know setting up and managing business banking efficiently is one of the biggest issues and source of frustration faced by SMEs today. The service and flexibility that Tide offers will modernise the small business banking landscape and life for business founders across the UK.”
For the full press release and high res images, please see below.