Adyen (AMS: ADYEN), the global financial technology platform of choice for leading businesses, has partnered with Tide, the UK’s business financial platform, to offer small and medium-sized businesses (SMEs) Tide business accounts, first in Germany before potentially expanding further into Europe.
Following its announcement of strategic entry into the German market in March, Tide will soon “offer cost-effective and efficient business accounts to small businesses lacking a finance function.”
Highly connected finance and admin solutions “such as invoicing and accounting are to follow later in 2024. For Adyen, this is the first launch of its banking-as-a-service solution in Germany.”
Oliver Prill, CEO at Tide, said:
“We’re delighted to be expanding into Europe, with Germany our first stop. Our mission is to be the leading international financial platform for small businesses. As Tide grows in the UK, India, Germany and beyond, we are happy to be partnering with renowned financial technology provider Adyen. With Adyen, we are able to offer excellent banking-as-a-service solutions to our small business owners in Germany and beyond.”
Through its partnership with Adyen, Tide is able “to fortify its customer-centric approach and leverage Adyen’s full-stack banking-as-a-service offering, which includes inbound and outbound payments via the SEPA payments system.”
Tide members in Germany will “receive a German IBAN number when they open a business account from launch.”
This allows them to receive and “spend money easily and with a local account reference.”
With the German IBANs, Tide is “showing its commitment to providing exceptional, localised payment experiences and solid understanding of small business needs.”
Alexa von Bismarck, President EMEA at Adyen, said:
“We are delighted to support Tide in their growth plans and look forward to launching our banking-as-a-service solution in Germany. The addition of local IBANs in Germany exemplifies our commitment to building local offerings. We at Adyen listen carefully to our customers, and as a result know what their needs are, and respond by creating products to create trust and convenience for them in the market.”
Tide is the leading business financial platform “with more than 10% market share of SMEs in the UK and launched in India in December 2022.”
The member base has grown “to more than 800,000 small businesses across India and the UK.”
Founded in 2015 and launched in 2017, Tide is “the business financial platform in the UK.”
Tide helps SMEs save time (and money) in “the running of their businesses by not only offering business accounts and related banking services, but also a comprehensive set of highly usable and connected administrative solutions from invoicing to accounting.”
Tide has 590,000 SME members “in the UK (more than 10% market share) and more than 225,000 SMEs in India.”
