Tide, a banking firm in the United Kingdom could become major competition in the finance world with their competitive business accounts.
In 2016, Tide announced that they were preparing to launch their banking services to UK businesses. They are now officially open for business. They will provide SMEs accounts with no set up fees.
Within minutes customers can set up a fully operating business account using their driving license or passport as proof of identity. Members will be provided with a sort code and account number with a credit card for daily expenses. All sole traders and limited companies are guaranteed to be accepted.
CEO and Tide founder George Bevis says: “It is specifically designed to meet the needs of small business owners.” They hope to eradicate previous problems that businesses have had with their banks.
Tide provide their customers with an automated book keeping service. This organises transactions as they are made. It also enables users to upload supplier invoices and it will provide a payment button for transactions that are ready to be made. Users are also able to create and send customised invoices.
The firm claims that customers are exempt from monthly fees. However, they will incur a £1 charge for every cash withdrawal and 20p for every bank payment.
The service is available on Android, iPhone and the internet. Tide says that it will be launching additional features within the next few months. Tide have partnered with Xero to provide an integrated service offering accountancy software. They have already made agreements to partner with several other firms later on in the air.
Multiple entrepreneurs have invested in Tide such as Alex Chesterman, and Burbridge. Sources believe that Tide is going to be a huge success especially among start up businesses who struggle to secure finances from the larger banking institutions.