UK financial technology firm Tide launched its first subsidiary company to provide instant transactional credit lines to pre-approved applicants.
The subsidiary, dubbed Tide Capital, will be used to build the company’s lending business.
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The company is offering a fee-free £1,000 credit line for members of an upcoming Tide Premium subscription offering.
Subscribers of Tide Premium will can also access other features such as phone support, an account manager, legal helpline and free bank transfers.
In the future, the company aims to offer members credit products via Tide Capital and further third-party products utilising its digital banking platform.
Tide CEO Oliver Prill said: “Tide’s platform structure means we are able to make rich data available to partner lenders to orchestrate a smooth process for our members to access credit.
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By GlobalData“The exception to partnering with lenders is in providing transactional credit, where frequent real time decision making cannot optimally be done with a partner, hence the pioneering product created via Tide Capital.”
The company said providing a credit line via a membership plan enables to remove the stress of getting approved for credit and bundling multiple services will save time and money of the members.
Earlier this month, Tide said it will soon launching Tide Plus, an upgraded account giving members further support for running their businesses.
A group of Tide members have trailed Tide Plus, which will be available to all members by the end of 2019.
