- U.K.-based business banking platform Tide is expanding into Germany.
- Tide didn’t release an exact timeline, but said that customers on its waitlist will be able to begin using a limited release of the company’s business banking tools “in the coming months.”
- Germany is Tide’s second international market. The company launched in India in 2022.
Business banking platform Tide is expanding across international borders for the second time. The U.K.-based fintech announced today it will soon begin serving clients in Germany.
Tide did not offer an exact timeline for its expansion into Germany, but the wait list is currently open and the app will be available “in the coming months.” After Tide’s launch in Germany later this year, the company’s members will initially be limited to the app’s business account and card products. Access to Tide’s other features, including cash flow forecasting, will be rolled out in phases.
Among the reasons why Tide selected Germany as its next market is because large, traditional banks provide the bulk of services to small businesses in the region. Tide wanted to offer business owners a more simple, innovative platform to help them manage their business.
“Looking at what is on offer for SMEs in Germany, we believe there is a huge opportunity for Tide,” explained company CEO Oliver Prill. “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 launched in 2015 to help small businesses save time and money on banking and administrative tasks. The business bank accounts offer accounting tools, expense cards, invoicing, payment collection capabilities, business loan comparisons, and cashflow insights. In 2022, Tide acquired lending marketplace Funding Options for an undisclosed amount. Tide currently counts more than 775,000 sole traders, freelancers, and limited companies as clients.
“Our success in the U.K. 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,” added Prill.
Today’s launch isn’t Tide’s first foray into international markets. The company expanded into India in 2022 and has since added more than 200,000 members in the region. Tide now employs 1,600 people in offices across India, Bulgaria, as well as its headquarters in London.
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