Tide reaches 500,000 UK members milestone
- 1 in 10 UK SMEs are Tide members
London, 29 March 2023 – Tide, the leading digital business financial platform, has reached 500,000 members in the UK - a significant milestone that means almost one in 10 small businesses now use its services.
Following its launch in 2017, Tide is now a key provider of finance and admin services to UK small and medium enterprises (SMEs) and is continuing to grow. In the last 12 months, Tide has expanded its product range, adding Tide Pro Plan, a new subscription plan that includes unlimited payments and transfers aimed at businesses that plan to scale.
It also launched Tide Accounting to offer an end-to-end accounting and tax solution for small businesses, in partnership with accounting software firm Sage. The addition of payment acceptance, expense cards, invoice tracking and cash flow management has bolstered Tide solutions to help SMEs.
Tide recently acquired Funding Options, a leader in SME credit intermediation. Over time, members will gain access to Funding Options’ panel of more than 120 lender partners, creating a major new marketplace for SME credit in the UK.
Tide also plans to roll out Net Zero features for members this year to help them kickstart their transition to reducing carbon emissions. In March, Tide announced it became the first fintech in the world to remove 100% of emissions, making three pledges to become fully Net Zero by 2030.
Tide also announced early in 2023 that it had successfully onboarded more than 100,000 female-led SMEs, ten months ahead of its aim to achieve the goal by the end of 2023.
Oliver Prill, Tide CEO, said:
“Half a million members is a real testament to the quality of our products and services. I am delighted to welcome them all to Tide. Our mission to help SMEs save time and money is proving to be a success with more and more small businesses choosing to open their accounts with Tide. From Net Zero to supporting more female business owners, we plan to roll out more products and services this year to help SMEs launch and run their businesses.”
Tide launched a product to micro and small businesses in India last year, making it one of the few UK fintechs to successfully go live in India. Over the next two years, Tide plans to onboard 500,000 SMEs in the country.
About Tide:
Founded in 2015 and launched in 2017, London-based Tide is now the leading business financial platform in the UK. Tide helps SMEs save time (and money) in the running of their businesses by not only offering business accounts and related banking services, but also a comprehensive set of highly usable administrative solutions. Tide has 500,000 SME members in the UK (around 9% market share).
Tide has been funded by Anthemis, Apax Digital, Augmentum, Creandum, Goodwater, Jigsaw, Latitude, LocalGlobe, Passion Capital, SBI Group, SpeedInvest and Tencent, amongst others. It employs 1,250 professionals worldwide, was awarded the ‘New Market Entrant of the Year’ at the UK-India Awards 2022 and is among the Sunday Times Fast Track Disruptors to Watch. Tide’s long-term ambition is to be the leading business financial platform globally.
