Digital business bank Tide has reached 56,000 SME customers, accounting for one per cent the UK’s 5.6m SMEs. The bank has more than doubled the number of customers using its services in the last 12 months.
Tide offers its business accounts to SMEs only, which the bank says is necessary to provide companies with the required attention. On average an SME signs up for a business current account with Tide every eight minutes, according to the bank.
SMEs can use Tide’s app to access balances and payments as well as for managing invoices which can be integrated into accounting systems. Users don’t incur any annual or card usage fees but will get charged for cash withdrawals, transfers with non-Tide accounts and cash deposits at post offices.
Oliver Prill, CEO of Tide, said in a statement: “2018 has seen Tide begin to fulfil its mission to deliver a wholesale rethink of SME banking in the UK. 2019 is set to be another year of growth as more and more SMEs choose Tide and we look to add to our portfolio of products and services.”
Tide has raised $26m from investments since being founded in 2015.