Tide was founded by George Bevis, who previously worked as a banker. He was joined by the UK Government advisor, venture capitalist and founder of Passion Capital, Eileen Burbidge, who became the Chairman of Tide. The company was registered on May 18, 2015. It received the Financial Conduct Authority’s permission to provide financial products and services in February 2016. Banking services are provided by PrePay Solutions, which is regulated by the Financial Conduct Authority. Tide became one of the first digital-only finance platforms in the UK to provide accounts for businesses. In July 2016, the company received $2 million in seed funding from Eileen Burbidge’s Passion Capital, Robin Klein’s LocalGlobe, Zoopla’s founder Alex Chesterman, Wonga founder Errol Damelin and a number of other investors. The Tidemobile app was in beta mode until the official launch in January 2017. In March 2017, the company opened a pop-up store at London’s Old Street station. In July 2017, Tide secured an £11m series A investment from specialist fintech funds Anthemis and Creandum. Money was also raised from Tide’s existing investors Passion Capital and LocalGlobe. Alongside this, Tide announced a partnership with European online lender iwoca, to initiate its first loan program. An integration named Tide Credit was launched in October 2017. Tide offered credit lending of up to £150,000 directly through the app. In January 2018, the UK Financial Conduct Authority granted Tide authorisation as an electronic money institution. In March 2018, Tide presented a new logo and launched several product features, including a new vertical card design, an updated FreeAgent integration and Team Cards. Later in March 2018, George Bevis announced he intended to stand down from his CEO role. In August 2018, Oliver Prill, former chief operating officer at German online lender Kreditech, joined Tide as CEO. Later in August 2018, Tide secured £8m in bridge funding by existing investors Anthemis, Creandum and Passion Capital joined by new investor Augmentum Fintech. In September 2018, Tide argued that just £65m of the total £775m Royal Bank of Scotland bail-out fund was available for non-deposit taking firms. CEO Oliver Prill wrote to the Treasury urging it to change the rules for the contest. In January 2019, ClearBank announced a partnership with Tide to bid for a grant from Pool A of the Capability and Innovation Fund that formed part of RBS’s alternative remedies package. Later in February 2019, Banking Competition Remedies Ltd granted ClearBank £60 million in funding from Pool A of the Capability and Innovation Fund. This decision has been criticized by competitors, saying that Tide didn’t have a banking licence and stating that a £60 million grant was no more than a boost to Tide’s venture capital investors. In February 2019, Tide backed calls for a financial services tribunal for small businesses to settle disputes with their lenders. In March 2019, the company announced plans to raise £60 million from investors.
Products and services
Tide has created a set of finance tools for small business owners. Customers can open business current accounts straight from their mobile phone by scanning an ID and will be sent a Mastercarddebit card to use for business transactions. Tide business service is available on iPhone, Android devices and on desktop. The firm also offers an automated bookkeeping service and integrated invoicing. Tide developed its own API that allows integrations with the loan provider iwoca, as well as with accounting software such as Xero, FreeAgent, ReckonOne and Sage. Tide was one of five fintech disruptors to launch Xero Bank Feed integration, alongside Starling Bank, TransferWise, Revolut and Soldo. Tide has partnerships with PayPoint and with the Post Office to facilitate cash deposit services.
