Tide, the UK-based business financial platform, has partnered with Adyen, the global fintech platform, to offer small and medium-sized businesses (SMBs) in Germany Tide business accounts, with eyes on further expansion across Europe in the future
Tide originally announced its first foray into the European market, specifically through Germany, in March. Now the financial platform is fulfilling its promise by offering cost-effective and efficient business accounts to small businesses lacking a finance function.
Highly connected finance and admin solutions including invoicing and accounting are also set to follow later in the year. For Adyen, this is the first launch of its banking-as-a-service solution in Germany.
Oliver Prill, CEO at Tide, commented: “Our mission is to be the leading international financial platform for small businesses. As Tide grows in the UK, India, Germany and beyond, we are happy to be partnering with renowned payments provider Adyen. With Adyen, we are able to offer excellent banking-as-a-service solutions to our small business owners in Germany and beyond.”
Tide currently boasts a 10 per cent market share of SMBs in the UK and launched in India in December 2022. Its member base has grown to more than 800,000 small businesses across India and the UK.
Through the partnership with Adyen, Tide can fortify its customer-centric approach by leveraging Adyen’s full-stack banking-as-a-service offering, which includes inbound and outbound payments via the SEPA payments system.
Tide members in Germany will receive a German IBAN number when they open a business account from launch. This enables them to receive and spend money easily and with a local account reference. With German IBANs, Tide demonstrates its commitment to providing exceptional, localized payment experiences and solid understanding of small business needs.
Alexa von Bismarck, president EMEA at Adyen, also commented: “The addition of local IBANs in Germany exemplifies our commitment to building local offerings. We at Adyen listen carefully to our customers, and as a result know what their needs are, and respond by creating products to create trust and convenience for them in the market.”
