Tide doubles user base to 400,000 accounts as demand for SME banking soars

By Aisling Finn on Monday 19 April 2021

Digital Banking

The SME banking provider has also been added to the Tech Nation Future Fifty 9.0 cohort.

Tide doubles user base to 400,000 accounts as demand for SME banking soars
Image source: Oliver Prill/Tide

 

British business banking has been through one of its most turbulent years for a decade as the Covid-19 pandemic and subsequent lockdowns prevented many firms from operating.

Amidst the turmoil, SME banking challenger Tide has doubled its user base in the past 12 months and has just been selected to join Tech Nation’s Future Fifty programme.

The Future Fifty programme is a group of 22 of the most prominent scaleups on the UK fintech scene, with the likes of Moneybox, Monese and PrmiaryBid also joining the ninth cohort and household names like Zoopla, Monzo and Deliveroo are alumni of the programme.

Since launching five years ago, Tide had its biggest year yet in 2020, with the SME digital banking provider now counting more than five per cent of the UK’s SMEs as customers—that’s 330,000 member businesses and nearly 400,000 business accounts. 

“It has become clear over the last year that the ability of technology companies and specifically fintechs, to be nimble and adapt to the changing needs of customers is crucial to continued growth in the toughest of times,” Oliver Prill, Tide CEO commented.

“I am delighted that Tide will be joining Tech Nation’s Future Fifty programme as collaboration and shared learning is essential to driving the continued growth of UK tech. At Tide, we have recognised the value in moving away from the traditional digital banking play, towards becoming an all-encompassing financial platform,” he added.

To help build its one-stop-shop financial platform for SMEs, Tide has been busily expanding its service recently.

Most recently, the fintech announced an integration with SME accounting firm Crunch in its latest partnership.

Back in December 2020, Tide announced a virtual office address service in collaboration with virtual office address specialist Hoxton Mix, to help the ever-growing list of new companies using its services.

The fintech also launched a charitable arm, which aims to provide grants of £1,000 to hundreds of small businesses suffering from the impact of Covid-19 and has begun its international expansion plans, first setting up shop in Hyderabad to tap into India’s 63m SME market.

Last month, Tide’s CEO Oliver Prill called for a paywall of sorts around open banking data as the demand for the technology continues to increase.

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