Tide has announced its entry into the German market by offering business accounts, marking the company’s first step in expanding across Europe.
The initiative is in collaboration with payments platform Adyen, which will provide its banking-as-a-service solution to assist small and medium-sized businesses (SMBs) in the region.
Oliver Prill, Tide’s CEO, shared his excitement: “We’re delighted to be expanding into Europe, with Germany as our first stop. Our mission is to be the leading international financial platform for small businesses.”
As part of this partnership, Tide will facilitate inbound and outbound payments through the SEPA payments system. Businesses in Germany will receive a German IBAN number when they open an account, streamlining their ability to manage funds locally.
Alexa von Bismarck, President EMEA at Adyen, expressed enthusiasm for the collaboration: “We are delighted to support Tide in their growth plans and look forward to launching our banking-as-a-service solution in Germany. The addition of local IBANs in Germany exemplifies our commitment to building local offerings.”
Tide is a business financial platform that holds over 10% market share among SMBs in the UK. Following its launch in India in December 2022, Tide invited users in Germany to join the waiting list in March 2024. The platform currently serves around 800,000 small businesses across India and the UK.