Tide poised to overtake Co-Operative Bank after hitting 85,000 SME customers

As the largest digital SME bank, Tide is set to overtake the Co-Operative Bank in terms of business customer market share in the coming weeks.

Today Tide said it now has 1.5% of the business banking market, with 85,000 SME customers, just a stone’s throw from the Co-Op’s 86,000 it reported earlier this year.

“We have had an extremely strong start to 2019 and are delighted with the growth the business is experiencing,” said Tide CEO Oliver Prill.

“People who work for themselves come to us because they want a dedicated and focused partner that will help them grow their business, and save them time on their banking and admin.”

Read more:Here’s which SME challenger bank is winning

In February Tide scored £60m from the RBS Competition Fund in partnership with ClearBank with an aim to secure 8% of the business banking market by the end of 2023.

Tide also today revealed that its customers have made over 11m transactions since January 2017, with Tide’s annual transaction volume now sitting at almost £6bn.

AltFi recently reported that Tide is working on becoming the first UK bank to offer company formation as a service.

Read more:The Challenger: Tide’s Oliver Prill