Tide, the emerging leader in SME challenger banking, has revealed today that has secured one per cent of the UK SME banking market, only two years since it first started operations.
By the end of 2018, 56,000 of a total of 5.6 million UK SME  will have chosen Tide as their preferred banking partner, more than doubling its members in the last 12 months. This growth is expected to continue with Tide believed to account for around 10 per cent of new business current accounts opened this year, with an SME signing up every 8 minutes.
E-money institutions like Tide are at the forefront of change in the UK banking sector which use advanced technology specifically designed to meet the needs of SMEs. Backed by an 80-strong team of tech and member-focused people headquartered in London, Tide has developed a digital banking platform for ambitious companies whether they are new businesses, established companies or freelancers & sole traders.
Tide offers its growing army of members business banking without monthly, weekly or annual, or card usage fees. The only costs are for transfers from non-Tide accounts, ATM use and cash deposits at the post office. Unlike traditional banks, a new Tide account can be up and running in just three minutes rather than what can be weeks on the high street. As well as balances and payments, the Tide app is an invoicing platform and can be fully integrated into accounting systems. Tide was among the first to launch with Xero's new bank feed integration.
Since it was founded in 2015, Tide has raised $26 million in investment from major backers including Anthemis, Augmentum, Creandum, LocalGlobe and Passion Capital as well as prominent angel investors. This money will help Tide to grow and expand its operations and become a major force in the UK SME banking market.
Oliver Prill, CEO of Tide, said: “2018 has seen Tide begin to fulfil its mission to deliver a wholesale rethink of SME banking in the UK. We are a now a scale challenger to the oligopoly that has 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.”