UK-based challenger bank Tide has announced a partnership with Mastercard to help boost its UK SME services. This collaboration will allow the new player in the business banking world to offer a credit functionality as well as increasing payment features on its platform.
Oliver Prill, CEO of Tide, commented on the partnership:
“This partnership is testament to the extreme growth Tide has experienced in the past few years. With over 200,000 SME members now using the platform, Tide is rapidly increasing its market share and quickly catching up to the traditional players.”
Scott Abrahams, Senior Vice President of Business Development and Fintech at Mastercard, further commented:
“Tide are revolutionizing business banking for SMEs and we are proud to have worked with them over the past five years since their inception.”
Founded in 2015, Tide claims it is the leading provider of UK SME business accounts and one of the fastest-growing fintechs in the UK.
“Tide is innovating to transform the business banking market. The Tide platform not only offers business accounts and related banking services, but also a comprehensive set of highly connected admin tools for businesses, such as full integration with accounting systems. Using advanced technology, all solutions are designed with SMEs in mind.”
Tide has more than 150,000 members and also claims a new Tide account opening every 8 minutes.