One Million Small Businesses Worldwide Now on Tide
September 04 2024 - 3:00AM
Business Wire
- One million businesses globally use Tide for
their finance and admin
- Tide is growing rapidly in India and recently
launched in Germany
Tide, the UK’s leading business financial platform, has reached
one million customers (members) globally, a significant milestone
for the Company. This includes 650,000 members in the UK, and
350,000 in India, where it launched in December 2022. Tide entered
the German market in May, where it has started to roll out its
product proposition.
More than one in 10 (c.11%) small businesses in the UK use the
Tide app. Tide provides a service for small businesses which don’t
have their own finance function, such as sole traders and smaller
limited companies. Tide offers business accounts and related
banking services, including a savings account, but also a
comprehensive set of highly usable and connected admin solutions
including invoicing, accounting and company formations.
In the UK, 75% of Tide’s members are based outside Greater
London, with 14% in Northwest England, 10% in the West Midlands,
and 11% in Southeast England.
These small businesses typically operate in sectors such as
e-commerce and construction, while many solopreneurs work as a
driver or courier. In India, about 90% of Tide members are in
semi-urban and rural areas, with Uttar Pradesh, West Bengal and
Madhya Pradesh representing the top three states.
Today’s milestone underscores Tide's commitment to save SMEs
time (and money) when managing their finance and admin.
Highlights:
- More than 1 in 10 UK small businesses on Tide (c. 11%)
- 650,000 members in the UK and 350,000 in India
- 1,800 employees globally, mostly in the UK, India, Bulgaria and
Serbia
Oliver Prill, CEO of Tide, said: “To have one million
members globally using the Tide app to run their small business is
a tremendous milestone. It reflects our mission to help SMEs
thrive, by saving them time and money in their finance and
admin.
“It’s a testament to the extraordinary hard work and ambition of
our teams. The growth of our member base, since launching in the UK
in 2017, shows how far we have come as a company in product, skill
and geographic depth and scale. We will continue to focus on an
experience that caters to the needs of time-poor and admin-heavy
small business owners, and deliver a diversified product as we grow
globally.”
Internationalisation: Tide launches in Germany
Germany represents a major opportunity for Tide as Europe’s
largest economy. The expansion into the first EU market, reflects
Tide's long-term ambition to become a leading global platform for
SMEs.
Senior hires: widening the Executive for expansion
Tide has made a number of notable senior appointments this
year:
- Tide appointed George Schmidt, who has been leading the
growth function at Tide since 2018, as CEO UK/Europe. He
will join Tide CEO, India Gurjodhpal Singh as the second Regional
CEO reporting to Tide CEO Oliver Prill.
- Tide also promoted Rebecca Marriot to Chief Risk
Officer. Rebecca was Tide’s SVP of Risk and Compliance since
2018 and she will provide global oversight as Tide expands.
- Anna Fromme-Schoen has been appointed as Managing
Director of Tide in Germany. Based in Berlin, Anna is working
with a growing team to establish and expand Tide's presence in
Germany. Anna joined Tide from PayPal Germany.
Ongoing commitment to Net Zero
SMEs play a crucial role in the global effort to reduce carbon
emissions. Earlier this year, Tide partnered with Connect Earth to
introduce products, features and content to help UK SMEs in their
journey to achieving Net Zero.
Women in Business: championing female-led
businesses
- UK: In February, Tide launched its first Female Business
Owners Index looking into the main issues impacting female-led
small businesses. This was part of Tide’s commitment to help
200,000 women launch new UK businesses by 2027.
- India: In April, Tide also launched its first Bharat
Women Aspiration Index (BWAI) to highlight the experiences of women
entrepreneurs in India’s tier II and beyond cities. Tide is
planning to onboard 500,000 women-led businesses in India by
2027.
Tideans: OneTeam spirit continues to prevail
Tide is proud to have grown its employee numbers to 1,800. In
India, Tide was recognised for the second year in a row as a Great
Place to Work by the Great Place to Work Institute, with 88% of
Tideans saying they took immense pride in being part of Tide.
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