DueDil will provide ‘real time” intelligence so that Tide can increase the automatic onboarding of small business customers.
The deal will see Tide using DueDil’s intelligence, which it says runs across over 50m companies globally, to speed up authentication checks and provide a quicker process for small businesses to open Tide accounts.
In particular, Tide will use London-based DueDil's technology to get an "accurate” view of its customers, providing it with company intelligence and “real time” data through DueDil’s API and, ultimately, increase the automatic onboarding of customers.
Laurence Krieger, chief operating & product officer, Tide, said: “Entrepreneurs don’t have the time to go through lengthy processes, and so we are all about using technology to find ways to reduce time spent on banking and admin.”
"We are delighted to be entering a partnership with DueDil to improve our account opening process and offer an even better experience to our members.”
Justin Fitzpatrick, co-founder and CEO, DueDil, said: “Now more than ever, SMEs need financial partners that understand their business and can provide them with flexible support.”
“Tide’s use of our web application and API will allow them to provide their customers with a slicker experience and more personalized service, ultimately reaching more small businesses in need. We’re excited to be working with Tide in this next phase of their growth.”
DueDil was set up in 2011 and has more than 400 clients. It says its technology has insights on more than 50m companies globally.
Earlier this month, Tide CEO Oliver Prill wrote to its customers saying it would not be resuming its Bounce Back Loan Scheme (BBLS) lending after funding ran out.
Speaking to AltFi, Prill explained: “Having spoken to a lot of financial institutions it is just the unfortunate fact that at the very low margins that are available [with the BBLS], and even with us giving everything up, commercial funding will not be available for the bounce back loans.”