Tide hits 500,000 UK customer milestone after six years

Adding 350,000 new customers in the last three years alone.

Digital business banking platform Tide has now reached over half a million UK customers six years after its launch in 2017.

The milestone means Tide has now far surpassed its goal of capturing 8 per cent of the SME banking account market, with one in 10 small businesses now using the fintech.

Of those customers, over 100,000 are now female-led SMEs, which was also Tide’s goal to reach by the end of 2023.

“Half a million members is a real testament to the quality of our products and services. I am delighted to welcome them all to Tide,” said CEO Oliver Prill.

“Our mission to help SMEs save time and money is proving to be a success with more and more small businesses choosing to open their accounts with Tide. From Net Zero to supporting more female business owners, we plan to roll out more products and services this year to help SMEs launch and run their businesses.”

Last month Tide completed its acquisition of credit finance marketplace Funding Options, a deal first revealed by AltFi and which has now become part of a new division of the company called Tide Partner Credit Services.

Work is underway to merge Tide’s existing credit intermediation business with Funding Options, under the leadership of Simon Cureton, CEO of Funding Options.

As well as UK growth, Tide is also ramping up operations in India, where it launched its first product last year and plans to reach 500,000 SMEs in that market by 2025.