We love new businesses that aim to make life easy for small and micro businesses, especially those than cut through the painful processes of bigger businesses and can solve your problems quickly and easily. Our latest discovery is Tide.
So what’s Tide?
Tide is a challenger banking service, designed especially to help micro and small businesses (just like us!).
It allows business owners to set up an account, complete with UK sort code and a Mastercard, in 5 minutes or less. And, unlike the traditional banks, Tide users only need a passport or driving licence to prove their identity.
This compares pretty well against the big high street banks: it took a client of ours 4 weeks to open her bank account with a big high street bank, and then another 4 weeks to get a credit card.
Through its app, any transaction made on the Mastercard are automatically sorted and tracked. Other expenses can also be tracked and saved in the app, while invoices can be drawn up and paid from a smartphone.
The Tide app is also virtually free, with no monthly or setup charges. A 20p fee is charged for individual bank payments.
It’s important to point out that Tide isn’t actually a bank, so your money isn’t protected by the Financial Services Compensation Scheme. Instead your funds are held in a separate ring fenced account with Barclays; which are always available to you and never re-lent or invested by Tide.
Tide’s also got some serious backers! Last year it raised more than $2million from a range of private investors from the UK financial sector, including Eileen Burbidge MBE from Passion Capital and Zoopla founder Alex Chesterman.
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