Tide, the business financial platform, has reached a significant growth milestone. The business now claims a 10% market share of all UK small businesses “with more than 550,000 customers (members).”
Tide serves small businesses which “don’t have their own finance function, such as sole traders, freelancers and limited companies, part of the UK’s 5.5 million small businesses community.”
The need to save time (and money) is “a key pain point for small businesses who often find it a challenge to manage their finance and admin.” Tide offers business accounts and related banking services, but also “a comprehensive set of highly usable and connected admin solutions from invoicing to accounting.”
- 1 in 10 UK small businesses on Tide
- 550,000 members across sectors and industries in the UK
- 1500 employees globally, mostly in the UK, India and Bulgaria
Oliver Prill, CEO of Tide, 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.”
Internationalization: rapid growth in India
The past year also saw Tide realize the first steps “in its international ambitions, as it officially launched in India in December 2022, expanding throughout 2023. Tide now has more than 150,000 members in India, with Tide India CEO Gurjodhphal Singh leading that expansion.”
Acquisition of Funding Options: power of M&A to add to organic growth
Tide acquired UK business credit marketplace Funding Options “in November 2022, with regulatory approval from the FCA in February 2023.” The acquisition fast-tracked “the company’s credit offering by providing existing and new members access to over 120 lenders.”
Tide remains open to acquisitions.
Product: strong focus on connectivity
As a product-led business, Tide continues to improve its finance and admin offering to help members. The company is rolling out a product roadmap rich in new releases and services.
- Tide Accounting: accrual-based accounting embedded in a bank account. Tide is the first fintech in the UK to offer such a service.
- Tide Acquiring: seamlessly integrating Card Readers and Pay-by-Links with the Tide Bank Account and Tide Accounting.
Net Zero: SMEs make up a vital part of the solution to reducing carbon emissions globally
Earlier this year, Tide made three Pledges to Net Zero:
- Pledge 1: Making Tide a fully Net Zero business by durable carbon removals, the first fintech in the world to take this step. Tide plans to soon renew Pledge 1.
- Pledge 2: Tide will reduce 90% of its 2021 emissions per employee by 2030. In doing so, Tide will reduce emissions by 97% on a revenue basis.
- Pledge 3: Tide commits to making Net Zero simpler for its members by developing support for them to get to Net Zero.