Mobile-first banking service Tide has closed a $2m seed funding round with investment from LocalGlobe, Passion Capital and other high profile entrepreneurs.
Founded early last year by George Bevis, also the CEO, Tide claims to allow customers to set up a business current account in three minutes or less in an attempt to let people manage their money more efficiently.
Bevis said: “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.
“One that actually respects the scarcity of business owners’ time and money, so they can get on with more important things. It’s a problem we think that cutting-edge technology is best placed to solve. Packed with useful but simple tools, we’ve created the best business banking service in the world,” added the founder.
Eileen Burbidge MBE, a partner at Passion Capital, said Tide addressed serious pain points for small business owners and entrepreneurs.
She 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. I’m looking forward to playing an active role in Tide’s growth and ushering in a new age of customer-first online business banking.”
Robin Klein, a co-founder and partner at LocalGlobe, also spoke about the investment: “Tide is the first Fintech startup we’ve helped launch since Brexit and one with innovation aimed at helping a vital part of the UK economy – small business owners.
“Tide is proof that entrepreneurs will always find a way to make lemonade, even if the world is giving out lemons,”he concluded.