In January 2018, the UK Financial Conduct Authority (FCA) granted Tide authorisation as an electronic money institution (Authorised Electronic Money Institution). Tide offered credit lending of up to £150,000 directly through the app.
An integration named Tide Credit was launched in October 2017. Alongside this, Tide announced a partnership with European online lender iwoca, to initiate its first loan program. Money was also raised from Tide’s existing investors Passion Capital and LocalGlobe. In July 2017, Tide secured an £11m series A investment from specialist fintech funds Anthemis and Creandum. In March 2017, the company opened a pop-up store at London’s Old Street station. The Tide mobile app was in beta mode until the official launch in January 2017. In July 2016, the company received $2 million (£1.5 million) in seed funding from Eileen Burbidge’s Passion Capital, Robin Klein’s LocalGlobe, Zoopla’s founder Alex Chesterman, Wonga founder Errol Damelin and a number of other investors. Tide became one of the first digital-only finance platforms in the UK to provide accounts for businesses. Banking services are provided by PrePay Solutions, which is regulated by the Financial Conduct Authority.
It received the Financial Conduct Authority’s permission to provide financial products and services in February 2016. The company was registered on May 18, 2015. He was joined by the UK Government advisor, venture capitalist and founder of Passion Capital, Eileen Burbidge, who became the Chairman of Tide. Tide was founded by George Bevis, who previously worked as a banker. As of 2020, it had offices in London (headquarters), Sofia ( Bulgaria) and Hyderabad ( India). It enables businesses to set up a current account and get instant access to various financial services (including automated bookkeeping and integrated invoicing).Įstablished in 2015, Tide is one of the first digital-only finance platforms in the UK to provide current accounts for businesses. Tide ( Tide Platform Limited) is a UK financial technology company providing mobile-first banking services for small and medium-sized enterprises.
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