Tide Acquires Payroll Solution Onfolk
- 22 Oct, 2024
Tide
Description
Tide is a business banking platform dedicated to helping small businesses save time and money on their banking and admin. The Tide platform consists of a current account that is highly connected to admin tools that help small businesses with their expenses, invoicing, accounting, applying for credit, and more.
Overview
| Type: | Private |
| Funding Status: | Series B |
| Foundation year: | 2015 |
| Location: | London, United Kingdom |
| Number of employees: | 251-500 |
| Founders: | George Bevis |
| Website: | https://www.tide.co/ |
Target geographic market:
Europe
Awards:
LinkedIn’s top 10 hottest UK companies to work for; Best Use of Technology (Growth Finance Awards); Best Banking Provider (Contracting Awards); Innovative Product of the Year (Growth Finance Awards); Sunday Times Top 100 FinTech Disruptors; The Startups 100
About Product/Service
| Products | The Smart Business Current Account, Features, Accounting Integrations, Apple Pay, Member Perks, Company Registration, Accounting Partners, Tide Plus Cashback, Company Expense Cards |
|---|---|
| Core product offerings for individual/retail customers | Business Current Account |
| Regulators/Compliance | Tide is not a bank, the Tide current account is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900010) for the issuing of electronic money. PPS holds an amount equivalent to the money in Tide current accounts in a safeguarding account which gives customers protection against PPS’ insolvency. Tide also offers bank accounts provided by ClearBank (ClearBank® Ltd. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 754568). |
| Pricing | Tide Free plan: £0/mo; Team & accountant read access, scheduled payments, accounting integration, hold up to 5 business accounts; In/out transfers (Faster Payments, CHAPS, BACs, Direct Debits) 20p each; Basic in-app support; Limited phone support; No legal helpline Tide Plus plan: £9.99 + VAT/mo; Team & accountant read access, scheduled payments, accounting integration, hold up to 5 business accounts; 20 free in/out transfers (Faster Payments, CHAPS, BACs, Direct Debits) a month, then 20p each; Priority in-app support; 24/7 phone support; 24/7 legal helpline |
| The Base Currency | £ (GBP) |
| Product cost | Card Payments: UK and abroad FREE; Transfers in and out of accounts: 20p; Transfers between Tide accounts: FREE; ATM cash withdrawals: £1; Replacement cards: FREE; Cash Deposits: £1 Post Office, 3% PayPoint |
|---|---|
| Openning a current account (business and personal) | Free |
| Monthly fees | Free |
| Money transfers/payments | Free. Invoice payments count as a transfer (20p each on Free plan) |
| ATM withdrawals | £1 (UK & abroad) |
| Overdrafts | No |
| Other | Transfers between Tide accounts: Free |
| Minimum USD deposit required to open (a) a personal account (b) a business account | £1 Post Office, 3% PayPoint |
| (a) a personal account | No |
| (b) a business account | Yes |
Funding rounds
| Last Funding Date | Oct 6, 2019 |
|---|---|
| Last Funding Amount | £60M |
| Last Funding Type | Series B |
| Total Funding Amount | $114.8M |
| Number of Funding Rounds | 6 |
Financials
| Customer/Products segments | Banking, Payments, Accounting, Invoicing |
|---|---|
| Key product offering | The Smart Business Current Account, Features, Accounting Integrations, Apple Pay, Member Perks, Company Registration, Accounting Partners |
| Major shareholders | Augmentum Fintech,SBI Group |
| Banking license | Account provided by ClearBank |
| Type of customers | Retail customers (residents and non-residents), SMEs |
| Number of investors | 16 |
| Number of lead investors | 7 |
| Names of lead investors | Augmentum Fintech, SBI Group, Speedinvest, Goodwater Capital, Anthemis Group, Creandum, Passion Capital |
Tech stack
Competitors
| Founding Date | Type | Tags | |
x BankMobile BankMobile is a mobile application that offers a... | 2015 | Private | fintech, challenger banks |
x Fenergo Fenergo is the digital enabler of client and... | 2009 | Private | Fenergo |
x Amaiz Amaiz is a UK banking service that transforms the... | 2017 | Private | Challenger banks, fintech |
x Starling Bank Starling Bank is a digital bank based in the UK.... | 2014 | Private | Challenger banks, fintech |
x Tinkoff Bank Tinkoff Bank is a credit card company and a first... | 2006 | Private | Challenger banks, fintech |
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