Tide, the leading financial platform for small businesses, has achieved a significant milestone in its growth strategy. The company now holds a 10% market share of all small businesses in the UK, boasting over 550,000 customers.
Tide primarily caters to small businesses that lack their own finance function, including sole traders, freelancers, and limited companies. With approximately 5.5 million small businesses in the UK, the need to save time and money is a common pain point for many entrepreneurs. Tide addresses this challenge by offering a range of business accounts and banking services coupled with easy-to-use admin solutions such as invoicing and accounting.
Oliver Prill, CEO of Tide, emphasized the company’s commitment to customer satisfaction and data-driven growth. “As we move forward into 2023 and 2024, Tide’s top priority is to prioritize the needs of our members, foster a collaborative team environment, and leverage data to propel our business forward,” said Prill.
In addition to its success in the UK, Tide has made significant strides in international expansion. The company officially launched in India in December 2022 and has since acquired more than 150,000 members in the country. Gurjodhphal Singh, CEO of Tide India, has effectively led the expansion efforts.
Tide has also demonstrated its commitment to growth through strategic acquisitions. In November 2022, the company acquired Funding Options, a leading UK business credit marketplace. This acquisition has enabled Tide to enhance its credit offering by granting members access to a vast network of over 120 lenders. With this successful merger, Tide remains open to further acquisitions.
As a product-led organization, Tide continues to prioritize innovation and connectivity. The company has recently introduced several new features and services, including Tide Accounting, the first of its kind in the UK to embed accrual-based accounting within a bank account. Tide has also seamlessly integrated Card Readers and Pay-by-Links with its banking and accounting systems under the Tide Acquiring initiative.
Furthermore, Tide recognizes the role small and medium-sized enterprises (SMEs) play in reducing global carbon emissions. The company has made three Pledges to Net Zero, highlighting its commitment to sustainability and supporting SMEs in their efforts to combat climate change.
With its impressive growth trajectory, robust product offerings, and commitment to customer satisfaction, Tide continues to solidify its position as a leading financial platform for small businesses.
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