We’re thrilled to announce, that after only two years of operations we have secured 1% of the SME banking market. Our digital banking platform has been designed to specifically meet the needs of ambitious SMEs, without monthly, weekly or annual, or card usage fees. Unlike traditional banks, a new account with us can be up and running in the matter of minutes and has growing functionality to help businesses.
It is a commonly accepted truth that SMEs are the lifeblood of the UK economy. The 5.6 million UK SMEs account for 99 per cent of private businesses and more than half of all turnover and employment. The health of the UK SME sector is vital if the economy is to weather future economic storms, but also its ability to become more efficient critical, if we’re to see improvements in the UK’s historically poor productivity record.
However, a successful business needs a supportive and helpful banking partner which works with, rather than against, the owner trying to drive growth. Yet only 13% of SMEs trust their bank to act in their best interests and only 25% of SMEs consider that their bank supports their business. (FCA report on SMEs).
2018 has been a year which confirmed that this valuable sector has been poorly served by the oligopoly of high street banks which serve most of these companies. Customers are unlikely to recommend their current bank to others (FCA); along with the traditional problems of poor customer service, high and often hidden fees, there has been the ongoing scandal of RBS allegedly mistreating small business customers. In too many cases, banks are hindering rather than helping business, with a one-size fits all approach, heavy on bureaucracy and often outdated IT. This slows SMEs from reaching their full potential and is a drag on the economy as a whole.
At Tide, we think entrepreneur, small business owners deserve better. “2018 has seen Tide begin to fulfil its mission to deliver a complete rethink of SME banking in the UK” commented our CEO Oliver – “We’re now a scale challenger to the big banks that dominated and failed the UK SME market for too long. Our members come to us because they want a dedicated and focused partner that will help them grow their business. They are tired of the terrible customer service and bureaucracy of the high street banks and handing over their hard-earned money in unnecessary, and often hidden fees. There is a revolution underway. 2019 is set to be another year of growth as more and more SMEs choose Tide and we look to add to our portfolio of products and services.”