U.K. small and medium-sized business (SMB)-focused bank Tide stated it has a brand new relationship with Mastercard that makes Tide one of many card firm’s principal issuers, Finextra reported Monday (July 20).
“Getting into a strategic partnership with Mastercard and changing into a principal card issuer is a particularly thrilling step for Tide,” Tide CEO Oliver Prill stated in a ready assertion, in response to the report. “We’re wanting ahead to working intently with Mastercard to additional develop the modern service we provide to our members, and to push additional ahead in our mission to avoid wasting small enterprise house owners time (and cash) on their banking and administration.”
Beneath the multi-year association, Tide will settle funds immediately with Mastercard.
“This partnership is testomony to the acute progress Tide has skilled prior to now few years,” Prill stated. “With over 200,000 SME members now utilizing the platform, Tide is quickly rising its market share and rapidly catching as much as the standard gamers. I look ahead to seeing what we are able to obtain in partnership with Mastercard.”
Scott Abrahams, senior vp, enterprise growth and FinTech at Mastercard, stated within the ready assertion cited by the information outlet: “Tide [is revolutionizing] enterprise banking for SMEs and we’re proud to have labored with them over the previous 5 years since their inception. We’re delighted to be increasing our relationship with Tide to proceed to develop and supply their ground-breaking companies to small enterprise house owners.”
Tide, which launched in 2016, has its headquarters is in London. The financial institution additionally has places of work in Sofia, Bulgaria, and Hyderabad, India.
In October 2019 the corporate raised $54 million.
In April of this 12 months, Tide launched what it referred to as an “bill safety program” by means of which small and medium-sized companies can protect their cash flow from unpaid invoices or late funds.
In line with Tide analysis, late funds represented a complete of 50 billion kilos ($62.three billion) for U.Ok. SMBs in 2019. These companies spent a median of 1.5 hours per day trying to receives a commission.
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