Tide decides time to enter UK small business banking

A newly-launched UK business account app, Tide, pledges to “radically change how small businesses manage their finances, saving them time and money”. Among its features, Tide allows users to set up a fully functioning business account within minutes using their passport or driving licence. Members will be given a UK sort code and account number with a business Tide Mastercard for daily expenses. All UK sole traders and limited companies with UK shareholders are guaranteed to be accepted as Tide customers.

Other features include an automated book keeping service to categorise transactions as they are made, making managing accounts more clear and efficient and minimising potential accountants’ fees. Users can also:
– upload supplier invoices and automatically prepare a payment ready to be made at the push of a button.
– create and send fully customisable invoices, saving time and allowing more efficient cash flow management.

Tide names founder George Bevis, who has previously worked for internet incubator Groovy Bananas, Zopa and Barclaycard, as chief executive officer (CEO) and Eileen Burbidge, a partner of investment manager Passion Capital, as chairman. Launched today for iPhone, Android and web, Tide promises additional features such as multi-user access in the coming months and has agreed a partnership to provide an integrated service offering with accountancy software provider Xero. Further brand partnerships with additional fintech providers are also planned.