The London financial platform becomes the first SME player to open the platform to non-account holders

London-based business finance platform Tide has announced that it will allow SMEs to connect their existing business accounts, held at other institutions, to its platform using open banking.

Tide already serves more than 375,000 SMEs nationwide, representing 7% of the market.

This latest development will save small businesses time and money on their financial administration, using the full range of financial and administrative products available on the Tide platform, without opening a Tide business account.

Oliver Prill, CEO of Tide, said: “Tide has been tremendously successful in attracting new businesses, helping them get started – helping business owners register their businesses and open a checking account quickly and easily.

“We will continue to serve new businesses, with the Tide current account and an ever-expanding suite of start-up services. “

“However, since established businesses typically do not switch banking providers or have multiple bank providers, we have come to the conclusion that the only physical way to introduce competition for established businesses is to allow them to virtually switch to the platform. form Tide without actually changing banks. accounts. “

Kevin Hollinrake, MP, Co-Chair of the All-Party Parliamentary Group on Fair Business Banking, added: “Giving businesses access to a wider range of services that save time and improve productivity without having to change. banking is very big news and common ground. breakthrough innovation for investment banking.

“More competition means more choice, better service and lower costs for businesses and we warmly welcome this revolutionary approach. “

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