Tide (financial service)

Tide (Tide Platform Limited) is a UK financial technology company providing mobile-first banking services for small and medium-sized enterprises. It enables businesses to set up a current account and get instant access to various financial services (including automated bookkeeping and integrated invoicing). Established in 2015, Tide is one of the first digital-only finance platforms in the UK to provide current accounts for businesses.

For other uses, see Tide (disambiguation).
Tide Platform Limited
Private
IndustryFinTech
PredecessorStarfish Platform Limited[1]
Founded18 May 2015 (2015-05-18)[1]
FounderGeorge Bevis[2][3]
HeadquartersLondon, United Kingdom
Area served
United Kingdom
Key people
Oliver Prill (CEO),[4] Eileen Burbidge (Chairman)[5][6]
ProductsCurrent accounts for small and medium-sized enterprises[7]
ServicesAutomated bookkeeping, integrated invoicing, financial services, accounting software integrations[8][9]
Number of employees
80[10] (2018)
Websitewww.tide.co

History

Tide was founded by George Bevis, who previously worked as a banker.[6] He was joined by the UK Government advisor, venture capitalist and founder of Passion Capital, Eileen Burbidge, who became the Chairman of Tide.[6]

The company was registered on May 18, 2015.[1] It received the Financial Conduct Authority’s permission to provide financial products and services in February 2016.[11] Banking services are provided by PrePay Solutions, which is regulated by the Financial Conduct Authority.[9][12] Tide became one of the first digital-only finance platforms in the UK to provide accounts for businesses.[13]

In July 2016, the company received $2 million (£1.5 million) in seed funding from Eileen Burbidge’s Passion Capital, Robin Klein’s LocalGlobe, Zoopla’s founder Alex Chesterman, Wonga founder Errol Damelin and a number of other investors.[6][14][5]

The Tide mobile app was in beta mode until the official launch in January 2017.[15][16] In March 2017, the company opened a pop-up store at London’s Old Street station.[17][18]

In July 2017, Tide secured an £11m series A investment from specialist fintech funds Anthemis and Creandum. Money was also raised from Tide’s existing investors Passion Capital and LocalGlobe.[13][19] Alongside this, Tide announced a partnership with European online lender iwoca, to initiate its first loan program.[13][20] An integration named Tide Credit was launched in October 2017.[21][22] Tide offered credit lending of up to £150,000 directly through the app.[22]

In January 2018, the UK Financial Conduct Authority (FCA) granted Tide authorisation as an electronic money institution (Authorised Electronic Money Institution).[23] In March 2018, Tide presented a new logo and launched several product features, including a new vertical card design, an updated FreeAgent integration and Team Cards.[24][25][26] Later in March 2018, George Bevis announced he intended to stand down from his CEO role.[3] In August 2018, Oliver Prill, former chief operating officer at German online lender Kreditech, joined Tide as CEO.[10][27] Later in August 2018, Tide secured £8m in bridge funding by existing investors Anthemis, Creandum and Passion Capital joined by new investor Augmentum Fintech.[28][10]

In September 2018, Tide argued that just £65m of the total £775m Royal Bank of Scotland bail-out fund was available for non-deposit taking firms. CEO Oliver Prill wrote to the Treasury urging it to change the rules for the contest.[29][30] In January 2019, ClearBank announced a partnership with Tide to bid for a grant from Pool A of the Capability and Innovation Fund that formed part of RBS’s alternative remedies package.[31] Later in February 2019, Banking Competition Remedies Ltd granted ClearBank £60 million in funding from Pool A of the Capability and Innovation Fund.[32] This decision has been criticized by competitors, saying that Tide didn’t have a banking licence and stating that a £60 million grant was no more than a boost to Tide’s venture capital investors.[33]

In February 2019, Tide backed calls for a financial services tribunal for small businesses to settle disputes with their lenders.[34] In March 2019, the company announced plans to raise £60 million from investors.[35]

Products and services
Tide app for iOS, card overview (April 2019)

Tide has created a set of finance tools for small business owners. Customers can open business current accounts straight from their mobile phone by scanning an ID and will be sent a Mastercard debit card to use for business transactions.[14] Tide business service is available on iPhone, Android devices and on desktop.[16]

The firm also offers an automated bookkeeping service and integrated invoicing.[16][8] Tide developed its own API that allows integrations with the loan provider iwoca, as well as with accounting software such as Xero, FreeAgent, ReckonOne and Sage.[7][36] Tide was one of five fintech disruptors to launch Xero Bank Feed integration, alongside Starling Bank, TransferWise, Revolut and Soldo.[37]

Tide has partnerships with PayPoint and with the Post Office to facilitate cash deposit services.[38][7]

gollark: I think the "random facts about taxes and whatever" life skills should be learned independently and the vague general stuff like "working in teams" would be best learned through actually doing it seriously.
gollark: I would of course replace the English lesson badness with bringing arbitrary books in to read yourself.
gollark: School but instead of reading random poems you memorise 'life skills' would be quite ae ae ae, as they say.
gollark: If I were to redesign school, it would be much less regimented (you would not be grouped by year etc.), more flexible (an actually sane schedule and more/earlier choice of subjects), and focus on more general skills (not overly specific reading of books, or learning procedures for specific maths things, or that sort of thing). Additionally, more project-based work and more group stuff.
gollark: Those are specific uses of some of those things, yes. Which is why those are important. Although programming isn't intensely mathy and interest is trivial.

References
  1. "Tide Platform Limited". Companies House. 2019. Archived from the original on 2019-03-16. Retrieved 2019-03-16.
  2. Withers, Iain (2017-10-21). "Sunday interview: Digital business bank Tide 'shooting at open goal'". The Sunday Telegraph. Archived from the original on 2017-10-22. Retrieved 2019-03-16.(subscription required)
  3. O'Hear, Steve (2018-03-22). "The founder of business banking startup Tide plans to step down as CEO". TechCrunch. Archived from the original on 2019-03-16. Retrieved 2019-03-16.
  4. Megaw, Nicholas (2019-02-22). "Metro Bank wins biggest share of RBS fund to boost competition". Financial Times. Retrieved 2019-03-16.(subscription required)
  5. Burn-Callander, Rebecca (2016-07-30). "Wonga and Zoopla founders back mobile bank start-up". The Daily Telegraph. Archived from the original on 2017-09-14. Retrieved 2019-03-16.(subscription required)
  6. Williams-Grut, Oscar (2016-07-25). "There's a new digital-only bank and its CEO says Brexit is the 'perfect scenario' to launch". Business Insider. Archived from the original on 2017-02-02. Retrieved 2019-03-16.
  7. Jobson, Myron (2019-02-11). "Tide targets 16% share of the small business banking market with a grant from the £775m RBS remedy package - but is it any good?". thisismoney.co.uk. Archived from the original on 2019-02-11. Retrieved 2019-03-16.
  8. Rubini, Agustín (2018). "Commercial Banking Transformation". Fintech in a Flash: Financial Technology Made Easy (3d ed.). Walter de Gruyter GmbH & Co KG. p. 112. ISBN 978-1-5474-1716-2 – via Google Books.
  9. Judge, Ben (2018-04-20). "A new challenge for business banking". MoneyWeek. Archived from the original on 2019-03-20. Retrieved 2019-03-20.
  10. Field, Matthew (2018-12-10). "Start-up business bank Tide doubles accounts as it eyes new funding". The Daily Telegraph. Archived from the original on 2018-12-15. Retrieved 2019-03-16.
  11. "Tide Platform Limited". Financial Conduct Authority. 2019. Archived from the original on 2019-03-16. Retrieved 2019-03-16.
  12. Shapland, Mark (2018-05-08). "How digital banks are trying to shake up the City's titans". Evening Standard. Archived from the original on 2018-07-11. Retrieved 2019-03-20.
  13. Lunden, Ingrid (2017-07-03). "UK's Tide raises $14M to challenge big banks with a mobile-first service for SMBs". TechCrunch. Archived from the original on 2019-03-17. Retrieved 2019-03-17.
  14. Butcher, Mike (2016-07-25). "Super-fast small biz mobile banking service Tide raises $2M seed round". TechCrunch. Archived from the original on 2019-03-16. Retrieved 2019-03-16.
  15. Kirton, Hayley (2017-01-31). "New small business account, Tide, launches today". City A.M. Archived from the original on 2017-02-02. Retrieved 2019-03-16.
  16. Butcher, Mike (2017-01-31). "Smart SMB bank Tide comes out of the gate with bags of features". TechCrunch. Archived from the original on 2019-03-16. Retrieved 2019-03-16.
  17. "Tide Bank goes underground to raise profile". IBS Intelligence. 2017-03-06. Archived from the original on 2019-03-16. Retrieved 2019-03-16.
  18. Borri, Anais (2017). "Turning the Tide". Fintech Age (Spring 2017): 8–9. Retrieved 2019-03-16 – via issuu.
  19. Hodgson, Camilla (2017-07-04). "Banking startup Tide raises $14 million to 'give small businesses back their time'". Business Insider. Archived from the original on 2017-07-04. Retrieved 2019-03-17.
  20. Lee, Peter (2017-07-14). "Fintech: Incumbents and disruptors all want a piece of iwoca". Euromoney. Archived from the original on 2019-03-17. Retrieved 2019-03-17.
  21. Weeks, Ryan (2017-10-10). "Fintech lender launches API, partners with digital bank". altfi.com. Archived from the original on 2019-03-20. Retrieved 2019-03-20.
  22. "No more waiting for the credit you deserve". Tide. 2017-11-14. Archived from the original on 2019-03-17. Retrieved 2019-03-17.
  23. "Tide Platform Limited". Financial Conduct Authority. 2019. Archived from the original on 2019-03-17. Retrieved 2019-03-17.
  24. McLaughlin, Aimée (2018-03-20). "The vertical debit card design reflecting "how people bank today"". Design Week. Archived from the original on 2018-03-20. Retrieved 2019-03-17.
  25. Andreasyan, Tanya (2018-03-21). "UK regulator grants Tide e-money authorisation". bankingtech.com. Archived from the original on 2018-03-21. Retrieved 2019-03-17.
  26. Nicolle, Emily (2018-03-21). "Tide gets FCA-authorised, launches new card and integrations". altfi.com. Archived from the original on 2019-03-17. Retrieved 2019-03-17.
  27. Webster, Karen. "Tide CEO: Why SMBs Need Their Own Bank". pymnts.com. Archived from the original on 2019-03-20. Retrieved 2019-03-20.
  28. Osborn, Theo. "Tide secures £8m of funding". specialistbanking.co.uk. Archived from the original on 2019-03-20. Retrieved 2019-03-20.
  29. Withers, Iain (2018-09-30). "Digital start-ups complain they're being frozen out of £775m RBS remedies contest". The Daily Telegraph. Archived from the original on 2018-09-30. Retrieved 2019-03-22.(subscription required)
  30. "Tide calls on HM Treasury to allow non-banks to compete for RBS bail out cash". finextra.com. 2018-10-01. Archived from the original on 2019-03-22.
  31. Cockar, Maryam. "Challenger bank Tide teams up with ClearBank for RBS fund". Irish Independent. Archived from the original on 2019-03-22. Retrieved 2019-03-22.
  32. Makortoff, Kalyeena; Jolly, Jasper (2019-02-22). "Metro Bank wins lion's share of RBS-funded competition scheme". The Guardian. Archived from the original on 2019-02-22. Retrieved 2019-03-22.
  33. English, Simon (2019-03-20). "Tide turns Royal Bank of Scotland handout to farce as critics cry foul". Evening Standard. Archived from the original on 2019-03-22. Retrieved 2019-03-22.
  34. Cockar, Maryam. "Challenger bank Tide backs calls for SME tribunal". Irish Independent. Archived from the original on 2019-02-10. Retrieved 2019-03-22.
  35. Griffiths, Katherine (2019-03-11). "Tide turns to investors once again". The Times. Archived from the original on 2019-03-22. Retrieved 2019-03-22.(subscription required)
  36. Lee, Peter (2018-03-16). "Iwoca's growth shows SME hunger for credit as banks withdraw". Euromoney. Archived from the original on 2019-03-22. Retrieved 2019-03-22.
  37. McLoughlin, Beth (2018-11-21). "How technology is changing the face of accounting". Accountancy Age. Archived from the original on 2018-11-22. Retrieved 2018-03-22.
  38. Courtez, Jack (2018-07-02). "PayPoint and Post Office add Tide banking services". betterretailing.com. Archived from the original on 2019-03-22. Retrieved 2019-03-22.
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