George Bevis is stepping down as the CEO of Tide, and three-year-old FinTech startup is actively looking for a replacement.
Digital challenger bank Tide, which is authorised as an electronic money institution by the FCA, aims to make it easier for small companies to set up a business current account. This authorisation gives the company direct access to banking infrastructure, which means it’s less reliant on third-party providers.
Founder Bevis spoke to TechCrunch about stepping down: “I’m a small business-focused guy who’s had the privilege of building an amazing company serving small businesses. Now our own business isn’t small any more it’s time for me to think about bringing in someone who knows at least as much about international scaleups as I know about UK startups.
“Tide will stay focused on saving small business owners time — in future all across the world. I’m looking forward to continuing to play a key role, both inside the business and on the board,” he added.
In 2017, Tide secured $14m (£11m) in a Series A round led by Anthemis, bringing its total funding amount to $16m.
About 30,000 small business are allegedly signed up to the company, which is run by 80 tech-minded employees.
Eileen Burbidge, a partner at Passion Capital who invested in Tide, acts as chairman of the company.