UK-based challenger bank Tide announced on Monday it has formed a partnership with Mastercard to boost its SME services. Tide reported that through the multi-year collaboration, it will see the provision and implementation of credit functionality as well as payment features into its platform.
Speaking about the collaboration, Oliver Prill, CEO of Tide, stated:
“This partnership is testament to the extreme growth Tide has experienced in the past few years. With over 200,000 SME members now using the platform, Tide is rapidly increasing its market share and quickly catching up to the traditional players.”
Scott Abrahams, Senior Vice President of Business Development and Fintech at Mastercard, further commented:
“Tide are revolutionizing business banking for SMEs and we are proud to have worked with them over the past five years since their inception.”
Founded in 2015, Tide claims it is the leading provider of UK SME business accounts and one of the fastest-growing fintechs in the UK.
“Tide is innovating to transform the business banking market. The Tide platform not only offers business accounts and related banking services, but also a comprehensive set of highly connected admin tools for businesses, such as full integration with accounting systems. Using advanced technology, all solutions are designed with SMEs in mind.”
Tide has more than 150,000 members and also claims a new Tide account opening every 8 minutes. The company recently formed a partnership with Mambu. At the time of the announcement, Mambu reported 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.