Tide is UK's leading business financial platform with Germany becoming Tide's second market outside the UK following its 2022 launch in India
Tide, the UK's leading business financial platform, is to launch in Germany, with the country becoming Tide's second market outside of the UK, following the successful start of its operations in India in 2022.
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Oliver Prill, CEO of Tide (Photo: Business Wire)
In the UK, Tide offers small businesses that don't have a finance function, highly connected finance and admin solutions that save members (customers) time and money. These range from business current accounts to accounting. Tide serves over 575,000 small and medium enterprises (SMEs) in the UK, more than 10% of the market.
In Germany, potential members can today join the waiting list for Tide on tide.co/de with the Tide app becoming available in the coming months. Members will initially be able to access Tide's Business Account and card products, with Tide's full platform capabilities, which includes solutions from invoicing to cash flow forecasting, being rolled out step by step.
The German financial sector is rapidly evolving. Germany is Europe's largest economy with nearly three million small businesses1, of which the vast majority employ less than 10 people. The German SME sector employs 5.9m people who are increasingly turning to digital solutions to manage their finances.2
Like the UK previously, SME financial services in Germany is dominated by large traditional banks. Tide will bring to Germany its simple, highly innovative offer, appealing to small businesses in Germany as it does in the UK.
The Company's move into Germany follows Tide's successful launch in India, the world's largest SME market, in December 2022. The business has rapidly scaled to more than 200,000 members. Tide now employs 1,600 people globally and has offices in India and Bulgaria in addition to its headquarters in London. Tide has employees based in Germany, with plans to expand its presence around the country.
Oliver Prill, CEO of Tide, says: "As in the UK, small businesses are the backbone of the German economy, Europe's largest. Our success in the UK has been built on having a deep understanding of the pain points of small businesses, the self-employed and freelancers. Our goal is to help reduce the financial and administrative management burdens with our advanced business financial platform. Looking at what is on offer for SMEs in Germany, we believe there is a huge opportunity for Tide. Across all our markets, we continue to add to the services and products we offer to our members, as part of our mission to be the leading international financial platform for small businesses."
Chris Barton, His Majesty's Trade Commissioner Europe, says: "We are delighted that Tide is entering the German market and beginning to grow in continental Europe.
In the UK, its first market, Tide represents a remarkable success story and has already helped hundreds of thousands of small businesses to keep their finances and administration under control in recent years.
Tide is now one of the UK's leading providers of innovative solutions for small businesses and is making an important contribution to strengthening the SME sector.''
1 Statista: https://www.statista.com/statistics/818691/small-and-medium-sized-enterprises-germany/
2 Statista: https://www.statista.com/statistics/818691/small-and-medium-sized-enterprises-germany/
View source version on businesswire.com: https://www.businesswire.com/news/home/20240312718997/en/
Contacts:
Robin Tozer, Alice Cho
SEC Newgate: tide@secnewgate.co.uk
