Tide CEO to step down

By Emily Nicolle on Thursday 22 March 2018

Digital Banking

George Bevis will remain on the board, but is no longer at the helm of the digital business bank.

The CEO of digital business bank Tide is planning to step down, just days after the challenger fintech announced its FCA authorisation, a raft of new features and a design overhaul. In a statement posted earlier this morning to TechCrunch, George Bevis has announced his intention to move on from Tide in the following months.

In a confirmation that Tide is currently seeking his replacement, Bevis gave the following statement: “I’m a small business-focussed guy who’s had the privilege of building an amazing company serving small businesses. Now our own business isn’t small any more it’s time for me to think about bringing in someone who knows at least as much about international scale-ups as I know about U.K. start-ups.

Tide will stay focussed on saving small business owners time — in future all across the world. I’m looking forward to continuing to play a key role, both inside the business and on the board”.

The reporting from TechCrunch’s Steve O’Hear suggests that the decision was taken by Bevis with the permission of Tide’s board, who are “fully supportive”. His intentions remain unclear, but it is believed that Bevis wishes to move on now that Tide is no longer in need of early-stage support, having fully developed a product and established a market presence.

Earlier this week, Tide was granted authorisation as an e-money institution by the FCA ahead of its plans for international expansion. The digital business banking app also released a new card and app design, as well as a slew of new accounting features.

Tide now manages the accounts of over 30,000 businesses, and has secured a total of $16m in funding to date from a range of VCs and investors. 

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