FINTECH

Tide allows firms to sign up online

Challenger Banks

The mobile small business banking services platform opens up the way it signs up small firms.

Tide allows firms to sign up online

Image source: Rawpixel from Pixabay

SME banking challenger Tide said it will allow firms to open accounts online, rather than just via its mobile app.

The London-based start-up has already signed up more than 100,000 small businesses to its accounting and statement services, but the new feature will “help accelerate its growth”. The new feature goes live the week beginning 9 September.

Tide does not levy monthly or annual charges, but instead charges fees for its services, such as £1 for ATM withdrawals, or 20p for transfers between accounts. The firm’s clients amount to just over 1 per cent of the business banking market.

The move follows its £60m joint award with online clearing bank Clearbank from the Royal Bank of Scotland’s (RBS) fund aimed at increasing banking competition in February.

 

Time-savings products

The fund, administered by the Banking Competition Remedies Board, is part of European Union conditions attached to its £45bn government bailout more than a decade ago at the height of the financial crisis. The total size of the fund is £775m.

Tide said the additional cash gives it the “opportunity to add additional time-saving products for small businesses to the platform”.

Tide chief executive Oliver Prill said: “Unlike for consumers, web – in addition to mobile apps – is a must for small and medium-sized businesses.”

He added that small firms want “a dedicated and focused partner that will help them grow their business and save them time on their banking and admin”.

Tide has raised $26m since it was launched four years ago from such notable backers as Augmentum, Passion Capital and SpeedInvest.

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