Mambu, a German SaaS banking platform provider, announced on Thursday it has formed a partnership with Tide, a UK-based business banking platform to power Tide’s revolving credit facilities and overdrafts for SME’s.
Mambu reported that through the partnership it will help Tide scale and focus on “innovating” their products, which will allow Tide to revamp its offerings for customers, which will include releasing larger overdrafts, credit cards, and invoice financing in multiple geographies.
Mambu also revealed that through this partnership, Tide will be able to create compelling products for its members and embrace the opportunities, new technologies, and frameworks that will improve the banking experience for SMEs in the UK. While sharing more details about the partnership, Amit Kahana, VP of Credit Services for Tide, stated:
“Mambu has an impressive track record of providing the type of products we need to provide our members with the best services, as well as accounting tools which make our finance department’s life much easier.”
The partnership with Mambu comes just a couple of weeks after Tide announced it has teamed up with tip solutions provider Hokodo to launch a new invoice protection product for SMEs during the COVID-19 pandemic. The Invoice Protection product will members to protect their businesses and will allow Tide members to protect their cash flow against uncertainty and guarantee the payment of invoices, even if the customer does not pay.