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 customersBusiness Current Account
Regulators/ComplianceTide 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).
PricingTide 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 costCard 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 feesFree
Money transfers/paymentsFree. Invoice payments count as a transfer (20p each on Free plan)
ATM withdrawals£1 (UK & abroad)
OverdraftsNo
OtherTransfers 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 accountNo
(b) a business accountYes

Key people

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 offeringThe Smart Business Current Account, Features, Accounting Integrations, Apple Pay, Member Perks, Company Registration, Accounting Partners
Major shareholdersAugmentum Fintech,SBI Group
Banking licenseAccount provided by ClearBank
Type of customersRetail customers (residents and non-residents), SMEs
Number of investors 16
Number of lead investors7
Names of lead investorsAugmentum Fintech, SBI Group, Speedinvest, Goodwater Capital, Anthemis Group, Creandum, Passion Capital

Tech stack

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