Tide, a mobile-only banking service for small businesses founded by ex-RBS/Worldpay head of innovation George Bevis, has launched in the UK.
Tide, available on iPhone, Android and web, allows users to open a business account instantly using their passport or driving licence. However, the service is not a bank.
UK sole traders and limited companies with UK shareholders will be accepted as customers of Tide. Members of the bank will receive a UK sort code and account number as well as business Tide Mastercard.
The startup will offer an automated bookkeeping service to allow users upload any supplier invoice and prepare a payment. It will not charge any monthly fees, but 20p for a payment and £1 for every cash withdrawal.
“Managing financial admin is never a small business owner’s favourite task. With Tide, entrepreneurs can save time and money, enabling them to spend more time doing what they love and growing their business,” Bevis said.
Tide is backed by VCs LocalGlobe and Passion Capital, among other investors, and raised over $2m in funding last year.