Telephone iconCall UsTelephone icon0333 0146 683
Our opening hours
Chevron left icon
Knowledge centre

Could the Tide banking app revolutionise small business banking?

1-minute read

Josh Hall

1 February 2017

Facebook iconTwitter iconLinkedIn icon

Small business banking could be set to get much easier with the launch of new service, Tide.

  • What you can claim as self-employed tax deductible expenses

What is 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 banking app for small business

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.

Is your business insured?

We have 600,000 UK policies plus a 9/10 satisfaction score. Why not take a look at our expert business insurance options - including public liability insurance and professional indemnity - and run a quick quote to get started?

Start your quote

We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer

Find this article useful? Spread the word.

Facebook icon
Share
Twitter icon
Tweet
LinkedIn icon
Post

People also liked

2 February 20172-minute read

Should I form a limited liability partnership?

Limited liability partnerships (LLPs) are a type of legal structure for businesses of all sizes, which sit somewhere between a traditional…

Read more

Keep up to date with Simply Business. Subscribe to our monthly newsletter and follow us on social media.

Subscribe to our newsletter

Categories

Popular articlesBusiness resources from FarillioGeneral businessGuestInsuranceLandlordLandlord resources from FarillioLegal and financeMarketingNewsOpinionProperty maintenanceTradesmanCovid-19

Address

6th Floor99 Gresham StreetLondonEC2V 7NG

Sol House29 St Katherine's StreetNorthamptonNN1 2QZ

© Copyright 2020 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.