UK: Tide delivers new mobile banking app for SMEs

By Stefan Bessert, RFi Group

Mobile banking firm Tide has launched a business bank account for SMEs, a product it claims to be one of the “world’s first” mobile-first banking services for SMEs. According to George Bevis, Founder and CEO of Tide, the app is solely designed to be a “nimble small business current account” that will meet the needs of small business owners and remove banking pain points that cause them stress.

The Tide account can be set-up in a few minutes using only a passport or driver’s licence and is available to all UK sole traders and limited companies. After setting up the account, users get their UK sort code and account number together with a business Tide MasterCard for their daily needs. The account also has an automated bookkeeping service to help manage and review transactions. The account does not have a monthly fee, but its costs 20p for every bank payment and £1 for each cash withdrawal.

According to RFi Group data, online banking and competitive fees and charges are the most important reasons for choosing an account for payments and cash management, with mobile banking not rating as a key feature. Despite this, over 25% of small businesses already use mobile banking at least once or twice a week. This may suggest that the Tide account is launching just in time to catch a rise in mobile banking usage among SMEs, although Tide will need to ensure its fee structure is viewed as competitive to achieve real cut-though in the market.

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