Small business banking could be set to get much easier with the launch of new service, Tide.
Tide is a challenger bank, which promises to allow small business owners to set up an account, complete with UK sort code and a Mastercard, in five minutes or less. But unlike the traditional banks, Tide users will only need a passport or driving licence to prove their identity.
Meanwhile, through the Tide app, transactions made on the Mastercard will be automatically sorted, which the company says amounts to “automated bookkeeping”. Other expenses can also be tracked and saved in the app, while invoices can be drawn up and paid from a smartphone.
Tide, founded by former banker George Bevis, raised £1.6 million last year from some of the biggest hitters in the UK financial sector, including Zoopla founder Alex Chesterman and venture capital fund Passion Capital.
The app comes in the wake of Monzo, the popular UK account aggregation app that is aimed at consumers trying to get a better handle on their finances.
But, speaking last year, Bevis said there were major differences between the two offerings: “Unlize Monzo, you get a sort code and account number – so it’s a full current account rather than a ‘wallet’ and can do Faster Payments and direct debits.”
And, setting it apart from other business bank accounts, the Tide app is also virtually free, with no monthly or setup charges. A 20p fee is charged for individual bank payments.
Businesses can sign up for a Tide account on the Tide website.
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