Introducing online sign-ups
Today, Tide announced that next week it will unveil a new online sign-up feature to enable business owners to open accounts from the comfort of their computer screens.
Tide, which has seen more than 100,000 small and medium-sized businesses sign-up to the platform, expects the desktop-related move to help accelerate its growth. Tide already has a fully featured web portal that has invoicing, accounting tools and support as well as access to statements, direct debit and account settings.
Tide’s latest feature and strong growth follows the £60m grant received from the RBS Alternative Remedies Package in February 2019 by ClearBank, in partnership with Tide. This funding will give Tide the opportunity to add additional time-saving products for small businesses to the platform, and a real chance to break the current oligopoly, giving entrepreneurs and small business owners a genuine alternative to the high costs and inflexibility of the high street banks.
Oliver Prill, CEO of Tide, said: “Unlike for consumers, web – in addition to mobile apps – is a must for small and medium-sized businesses. We are proud of the fact that Tide was one of the first FinTechs to launch a web-based banking service and now is the first digital challenger to launch web-based account opening. Tide, which was mobile-only, has always believed that web-solutions are required for small business that will do a large part of their banking from offices.
“People who work for themselves come to us because they want a dedicated and focused partner that will help them grow their business and save them time on their banking and admin. Tide is already the leading digital business banking player and has a vision to become the number one business banking challenger in the UK.
“Tide offers its growing army of members business banking without monthly, weekly or annual, or card usage fees, and with low transaction fees. Unlike traditional banks, a new Tide account can be up and running in five minutes rather than what can be weeks on the high street. As well as offering usual current account features, Tide offers additional services to ease business admin, including full integration into accounting systems, such as Xero’s new bank feed.”