/wholesale banking

News and resources on transaction banking, corporate banking and supply chain finance.
Tide to enter German banking market

Tide to enter German banking market

Business banking platform Tide is set to commence operations in Germany, with the country becoming the second market outside of the UK following its launch in India in 2022.

Tide currently serves over 575,000 small and medium enterprises (SMEs) in the UK, providing customers with a range of finance and admin functions to take the heavy lifting out of business banking.

In Germany, potential users are being invited to join a waiting list with the Tide app becoming available in the coming months. Users will initially be able to access Tide’s Business Account and card products, with full platform capabilities, from invoicing to cash flow forecasting, being rolled out step by step.

The Company’s move into Germany follows Tide’s successful launch in India, the world’s largest SME market, in December 2022. The business has rapidly scaled to more than 200,000 users.

Oliver Prill, CEO of Tide, says: “As in the UK, small businesses are the backbone of the German economy, Europe’s largest. Our success in the UK has been built on having a deep understanding of the pain points of small businesses, the self-employed and freelancers. Our goal is to help reduce the financial and administrative management burdens with our advanced business financial platform.

Germany is Europe’s largest economy with nearly three million small businesses, of which the vast majority employ less than 10 people in a market dominated by large traditional banks.

Says Prill: "Looking at what is on offer for SMEs in Germany, we believe there is a huge opportunity for Tide. Across all our markets, we continue to add to the services and products we offer to our members, as part of our mission to be the leading international financial platform for small businesses.”

Tide now employs 1,600 people globally and has offices in India and Bulgaria in addition to its headquarters in London. The firm has already recruited its first employees in Germany, with plans to expand its presence around the country.

Comments: (0)