Can this middle man make banking easier for small businesses?
By Teamspirit on Wednesday, 3 August 2016
The founders of Wonga and Zoopla are among the backers of new mobile banking startup Tide. While we’re now used to seeing new banking startups, two things make Tide stand out. Firstly, it’s primarily targeting small business. And secondly, it’s not a bank.
Tide’s ambition is to streamline the banking process for entrepreneurs and small businesses, by taking on some of the more laborious aspects of business banking and creating a simpler, quicker experience for customers interacting with major banks.
They claim that with Tide, customers will be able to open a current account in under three minutes, a process that can take weeks at the moment, and will pay less for their regular services.
It will be interesting to see how Tide plans to evolve their offering in the long term. With fintech only becoming smarter and more accessible, there’s plenty of space for a good middle man.
To find out more about how important small businesses are to banking in Britain, read our blog Are SMEs banking on Brexit?