Tide Launches SME Financial Platform, Expanding Reach to Germany

15 May, 2024

Tide Launches SME Financial Platform, Expanding Reach to Germany

Tide, a renowned figure in the UK's business financial platform landscape, has initiated the rollout of a complimentary current account service in Germany, tailored specifically for small enterprises. This move signifies Tide's maiden product launch in the country, following the earlier revelation in March regarding the expansion of its Tide app into Germany—a significant milestone, marking its third market venture after the UK and India, where it debuted its services in December 2022.

Alongside the fundamental current account features, Tide aims to progressively introduce an array of services to its German clientele, encompassing invoicing, accounting functionalities, and eventually, credit options. Customer confidence is bolstered by the assurance that their deposits are protected up to €100,000 under the European deposit protection scheme.

Tide's strategic approach in Germany mirrors the triumphant blueprint established in the UK, where it caters to over 590,000 SMEs, commanding a noteworthy market share exceeding 10%. In India, Tide has garnered a membership base surpassing 225,000 micro and small enterprises, particularly thriving in urban hubs like Delhi and Mumbai, as well as across various regions.

With Germany presenting a substantial growth prospect, being Europe's largest economy, and hosting nearly three million small businesses, most of which are characterized by fewer than 10 employees, Tide is poised for significant expansion. The German SME sector, employing approximately 5.9 million individuals, is witnessing a surge in the adoption of digital financial management solutions.

Oliver Prill, Tide's CEO, expressed enthusiasm about the launch, affirming Tide's commitment to alleviating the financial and administrative burdens faced by self-employed individuals and freelancers in Germany. By providing a robust business financial platform, Tide aims to empower small businesses to focus on core operations, enabling them to streamline processes, save time, and optimize costs. Tide is currently in the process of rolling out its platform capabilities across Germany throughout the year and beyond.