Business finance platform Tide has acquired UK payroll provider for SMEs Onfolk. Terms of the deal have not been disclosed.
Onfolk is an HMRC-recognised payroll software integrated with pension providers and accounting providers. For payroll administrators and payees, it generates payslips with explanations for each item. Other features include the automation of tax code notices and pension allocations, and storage of payroll documents.
The payroll operation will be provided to Tide's existing 650,000 UK clients as an embedded option within the Tide app.
Oliver Prill, CEO, Tide, says: “Payroll is a significant part of running any successful small business and we want to help our members simplify that process. Once again, Tide is making an admin heavy process simple for small business owners by connecting it seamlessly with the myriad of disjointed finance and admin tasks. As a result, small businesses can increasingly run their business almost entirely from a single intuitive app.
As part of the acquisition, the Onfolk team will join Tide and lead Tide Payroll. Onfolk was founded by Michael Colley, Naz Malik and Charlie Thomas in 2020, and was backed by Silicon Valley’s Y Combinator in 2021.
Onfolk is Tide’s second acquisition following the purchase of Funding Options in early 2023.
Says Prill: “M&A is a key part of Tide’s growth strategy, and we are delighted to welcome the Onfolk team to Tide. Their expertise will accelerate our product roadmap, and support our diversification strategy.”