Its digital-only current account is designed for business owners, with benefits such as automated bookkeeping and integrated invoicing. The company claims to have over 100,000 customers in the UK, with more than 12.5m transactions made since it launched in 2017. Tide has no subscription fee for its basic accounts, but also offers Tide Plus, a premium service which bundles additional customer support and 20 free transfers per month. It has raised $95m to date, including $54m raised in a series B funding round in October 2019, which included investors The SBI Group and Augmentum Fintech. It also secured a £60m grant from RBS’s bailout fund to work with ClearBank in developing the UK business banking marketplace. Since 2018 it has been led by chief executive Oliver Prill, 48, and is targeting an 8% share of the small business banking market by 2023.
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