App-based bank launched exclusively for small businesses
It's backed by some of the UK's most exciting start-ups to be next big thing for small businesses
Setting up a business current account is cumbersome. High street banks don’t seem to understand that a business owner’s time is precious; often taking weeks to set you up. But with Tide, it’s done in minutes.
Tide is the new app-based bank for small businesses that’s “packed with powerful tools that save you time and money.”
How it came about
It's backed by the founders of the UK’s hottest start-ups. Zoopla and Lovefilm Founder Alex Chesterman and Songkick Co-founder Ian Hogarth are just two of the tech start-up gurus which helped Tide’s Founder George Bevis get his platform off the ground.
Bevis secured £1.6 million to build and launch the app after years of working in banking and with small businesses. His vision for Tide is to revolutionise banking for start-ups – making starting a business faster and easier in post-Brexit Britain.
How it works
Sign-up takes no more than five minutes. All you need to do is follow these three steps:
1. Scan your ID
2. Confirm your details
3. Take a security photo
The app itself comes with built-in tools which let you run your business from your phone. You can automate your bookkeeping with real-time categorisation of transactions as well as attach files and add comments to transactions to help with expense management. Not only that, but Tide lets you pay and send invoices quicker too.
How it’s different from high street banks
Switching to an online-only bank is new for everybody. So what are the differences between Tide and your bricks and mortar branch?
High street banks
Quickly pay and send invoices
Export data via CSV and API
Use card abroad for free
IBAN & CHAPS transfers
Branches, cash and cheques
Ring-fenced at Barclays
Re-invested at risk
(FSCS guarantees £75k)
No account, card or forex fees
20p per payment
£1 per ATM withdrawal
Monthly/annual account fees