Tide says it's now hitting seven per cent of UK SME market

Tide says it’s hitting seven per cent of all UK SMEs, after adding 100,000 new members last year.

The SME banking service, which launched in 2017, says it now has nearly 400,000 members.

It said the bulk of its new members were coming from new businesses.

Tide has broadened its offering beyond lending by offering its accounting products, beginning with Cashflow Invoicing, to non-account holders in a move opening up its services to customers of rival business banks. 

Invoicing, expense management, payroll and credit services will also soon be available to customers of rival business banks, under Tide Open Access.

The creation of Tide Open Access is funded by the fintech’s BCR funding and formed one of its public pledges.

Tide says it is now hitting seven per cent of the UK SME market, compared to 4 per cent in 2020.

Oliver Prill,Tide CEO said: “With established businesses generally not switching banking providers or having multiple banking providers, we reached the conclusion that the only material way competition can be introduced for the established businesses is to allow them to virtually switch to use the Tide platform without actually switching bank accounts.”

Tide, which now has around 800 employees, said other highlights in 2021 include its members issuing over one million invoices on its platform and over £10.5m lent to Tide members last year through its partners.

Tide is also plotting international expansion with a planned launch in India in 2022.

“Tide has also been building out its India proposition. An initial product has been tested with friends and family, with a Beta and full  launch is expected in 2022,'it said.