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First Mobile Banking Service For Small Businesses Raises $2M Of Seed Funding

Tide rising with the technology!

About:

Tide, which claims to be the world’s first mobile-first banking service for startups has raised around $2M seed from Passion Capital , LocalGlobe, Zoopla founder Alex Chesterman, William Reeve co-founder from Lovefilm, Greg Marsh, founder from One Fine Stay, Songkick’s co-founder Ian Hogarth, serial fintech investor Errol Damelin and Albion founder Jason Goodman.

How does it work?

This London startup will allow small businesses to set up the current account in just 3 minutes or even less than it. The mobile-focused banking service provides an app which sets up your account through the passport or driving license identification system, free of charge.

Member deposits are kept in a ring- fenced account at Barclays under an FCA-regulated e-money license by PrePay Solutions. The accounted funds are held under an e-money license, not a banking license.

Here’s a video to know more about Tide:

 

Benefits for UK startups

  • No annual, monthly or setup fees.
  • Money-saving tools which include credit, payments (accept cards and direct debits) and foreign exchange (will be available later in 2016).
  • Deposits with Tide are ring-fenced under an e-money l
  • Easier accounting and expenses including auto-categorisation of transactions, native integrations to leading accounting software like Xero and FreeAgent, and the ability to issue and send invoices instantly from the app and attach photos of receipts from recent transactions for expenses.

Tide founder and CEO George Bevis said: “High street banks don’t care enough about small businesses. They’re painful to deal with. We need a simpler, more efficient and helpful way to manage money. So, we started Tide: a banking service designed especially for small businesses.”

How long would it take Tide to reach India? Kindly comment below.

Takeaways:

  • Tide was founded by George Bevis (CEO) in early 2015.
  • Tide is under an e-money license, not banking license.
  • The service does not charge any annual, monthly or setup fee.

 

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