Tide claims 10% market share of UK SMEs

SME banking provider Tide has reached 550,000 customers in the UK, giving it a 10 per cent share of the 5.47m small businesses which operate here.

CEO Oliver Prill called the figure “testament to the incredible hard work and ambition of our teams, based largely in the UK, India and Bulgaria.”

“Only a few years ago it would have been hard to imagine that such success was possible.”

Indeed in its 2019 bid for a £60m grant from the UK’s Banking Competition Remedies fund, Tide said that if successful it would be able to increase its market share from 1 per cent to 8 per cent by 2023, a target it has now more than achieved.

This milestone also comes as Tide expands its reach in India after launching there in December 2022.

Prill said Tide now counts 150,000 Indian SMEs among its international customers, with growth led by Tide’s India CEO Gurjodhphal Singh.

The company now counts over 1,500 employees across its three offices in the UK, India and Bulgaria, with a number of new senior hires this year including Vinay Ramani as its first chief product officer, Frances Ibe as SVP of experience foundations and Justin Drees as VP of business services.

“Our focus is to innovate and provide connected products and services for them to save time and money when running their businesses,” Prill said. 

“We head into the rest of 2023 and 2024 with growth and Tide’s company values top of mind, which means putting our members first, working as one team and using data to drive our business forward.”