Tide Bank

UK-based Tide provides banking services to SMEs and freelancers via a web portal and a mobile app, under the license of ClearBank. The company’s products include a business checking account which facilitates direct debits, and also enables customers to make payments and track invoices via the app. Furthermore, the app also enables customers to integrate their accounts with Apple Pay and with their current accounts with accounting software such as Xero and Quickbooks.

The company offers its products under four tiers: 1) Free, 2) Plus, 3) Pro, and 4) Cashback. The Free account provides business checking accounts with debit cards free of charge, expense cards for employees covered under a business account at GBP 5 per month, and money transfers at GBP 0.2 per transfer. Plus, Pro, and Cashback are priced at GBP 9.99, GBP 18.99, and GBP 49.99 per month, respectively, and offer additional features such as free expense cards, customer support services, dedicated account managers, and cashback rewards.

Tide also allows third-party business bank account holders to access its cash flow forecasting tool, Cashflow Insights (beginning in November 2021). The bank intends to serve 100,000 businesses with third-party bank accounts by the end of 2022.

In June 2021, the company launched its platform in India, marking its first international expansion.

Key customers and partnerships

As of June 2024, the company served 575,000 members in the UK and over 200,000 in India.

Funding and financials

In July 2021, the company raised USD 100 million in Series C funding, led by Apax Partners, at a valuation of USD 650 million. The funding will be directed towards expanding the company's global presence.