Tide nears 150,000 customers in battle for SME customers

By Aisling Finn on Friday 28 February 2020

Digital Banking

The digital banking platform hopes to achieve an 8 per cent market share by 2023.

Tide nears 150,000 customers in battle for SME customers
Image source: Tide CEO Oliver Prill

Tide, the digital business banking platform, has today announced that it is close to hitting 150,000 customers or 2.5 per cent of the UK’s SME market.

The news comes on the first anniversary of the partnership between Tide and ClearBank, the UK’s first clearing bank in over 250 years.

In February 2019, the partnership helped Tide to secure £60m for the RBS Alternative Remedies Package.

Oliver Prill, CEO of Tide, said: “ClearBank and Tide have led the way in encouraging the growth of business banking in the UK, with almost 150,000 members signed-up to the Tide platform which has an extensive and growing range of products and services.”

Tide is now one of the largest digital business banks in the market and has seen its popularity grow through the launch of its paid premium accounts, a QuickBooks bank feed and the ability for businesses to sign up online.

Charles McManus, group CEO of ClearBank, said: “The ClearBank and Tide Business Banking proposition unites the UK’s leading challengers in business banking and banking infrastructure.”

“Now one year into our partnership, we are making strong progress on our commitments, bringing enhanced services and genuine competition to business banking for UK SMEs.”

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