SME Bank App Tide Raises Funding, Plans to Expand Team
Tide, a digital-only banking app aimed at small businesses, has partnered with online lender iwoca, in a move to allow small companies access to loans of up to £100,000. Led by specialist fintech investor Anthemis, along with Passion Capital, LocalGlobe and Creandum, the company that backed Spotify, the startup raised $14 million. This is one of the largest Series A funding rounds closed by a fintech company this year.
A startup launched last year, Tide plans to nearly double its London team by the end of the year, and develop more features to make online banking for small and medium sized businesses (SMEs) more efficient. Customers can open a Tide account in minutes, using only their passport or driving license. Features that the expansion will build on are automated routine administrative tasks — the app can read invoices that are uploaded, and work out who and how much to pay — and accounts can be multi-user and as well multi-currency. Users can also integrate Tide with other fintech services, like currency exchanges.