Mobile-first banking company Tide secures $2m seed funding

"World's first mobile banking service for businesses" raises funding as it prepares for autumn launch

Tide, a mobile-first banking service, has completed a $2m seed funding from LocalGlobe, Passion Capital and a number of other investors.

Founded in 2016 by George Bevis, Tide claims to be the world’s first mobile banking service for small businesses. The app can read your ID, such as a passport, verify your identity and let you set up a bank account in “three minutes or less”.

Each user gets a sort code and account number and, instead of set-up, monthly or annual fees, the company charges 20p per bank payment. It also integrates with accounting software such as Xero and FreeAgent.

Currently in private alpha, the funding will help Tide prepare for launch this autumn.

Bevis commented: “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.”

Eileen Burbidge MBE, a partner at Passion Capital, added: “With Tide, small business owners can get an intuitive mobile-first experience that is almost instant to set up and easily integrates with best in class cloud-based tools and services seamlessly.”

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