UK business banking platform Tide has launched a subsidiary company, dubbed Tide Capital, that will offer instant transactional credit lines to pre-approved applicants.
Members selected as being pre-approved by Tide will be upgraded to fee-paying Tide Premium, through which a credit line of £1000 will be added to their account.
Tide Premium subscribers will also have access to other features, including an account manager, phone support, legal helpline and free bank transfers.
Amit Kahana, managing director of Tide Capital, comments: "By offering a credit line through a membership plan we are able to eliminate the stress of ‘getting approved for credit’. Furthermore, we believe that bundling multiple services will save our members time and money, as we can suggest the right package for them.
“With our current member data we already know who is approved for credit and who isn’t, so if you are approved you can immediately activate the product without any need for an application.”
In the future, Tide plans to offer members not only credit products through Tide Capital, but additional third-party products using its digital banking platform as well.
Oliver Prill, CEO, Tide explains: "Tide’s platform structure means we are able to make rich data available to partner lenders to orchestrate a smooth process for our members to access credit. This has proven to be a successful model through the Beta integration currently running with Iwoca.
“The exception to partnering with lenders is in providing transactional credit, where frequent real time decision making cannot optimally be done with a partner, hence the pioneering product created via Tide Capital.”