Mobile app

New SME business account app launches




A new app aimed at SMEs – which offers an alternative to business account services from high street banks – has entered the market.

Tide is a new small UK business current account provider which allows companies to set up a fully functioning account in minutes using their passport and driving licence. 

Founded by former banker George Bevis, Tide has launched after raising more than approximately £1.6m in funding during 2016.

The service has received backing from venture capitalists LocalGlobe and Passion Capital, along with entrepreneurs Alex Chesterman, founder of Zoopla; William Reeve, co-founder of LoveFilm; Greg Marsh, founder of One Fine Stay; Ian Hogarth, founder of Songkick; fintech investor Errol Damelin and Jason Goodman, founder of Albion.

Tide does not invest, lend or take risks with customers’ funds, instead it keeps money in a ring-fenced Barclays account and states it’s available whenever a business requires funds. 

As a result, Tide accounts are not protected by the Financial Services Compensation Scheme (FSCS). 

The service, which guarantees to accept all UK sole traders and limited companies with UK shareholders as customers, allows users to upload any supplier invoice and will automatically prepare a payment ready to be made at the push of a button, while users can create and send fully customisable invoices, saving them time and allowing them to manage their cash flow more efficiently. 

George, who is the CEO as well as the founder of Tide, felt that for too long business services offered by high street banks had 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 attempting to speed up banking for SMEs

“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.”

Tide doesn’t charge monthly fees, but does charge 20p per bank payment and £1 per cash withdrawal.

It claims to give SME owners the most transparent usage costs in the market.

“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 sources of frustration faced by SMEs today,” said Eileen Burbidge, chairman of Tide and Passion Capital partner.

“The service and flexibility that Tide offers will modernise the small business banking landscape and life for business founders across the UK.”

Tide will be available for iPhone, Android and web, but will be unveiling additional features such as multi-user access in the coming months. 

The service has also 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.


Tide hopes to attract new SMEs 

Tide has been created using feedback from its founding members, who are made up of SME owners from across the country and George paid tribute to their efforts.

“…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 start-ups 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.

“With Tide, entrepreneurs can save time and money, enabling them to spend more time doing what they love and growing their business.”

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