Business finance platform Tide has acquired UK payroll provider Onfolk, which specializes in servicing SMEs. The financial details of the transaction have not been disclosed.
Onfolk is a payroll software recognized by HMRC, designed to integrate seamlessly with pension and accounting providers. It offers payroll administrators and employees the ability to generate detailed payslips, automate tax code notifications, manage pension allocations, and store payroll-related documents.
This payroll service will be made available to Tide’s existing base of 650,000 UK clients as an embedded option within the Tide app.
Oliver Prill, CEO of Tide, commented, “Payroll is a significant part of running any successful small business, and we want to help our members simplify that process. Once again, Tide is making an admin-heavy process easy for small business owners by connecting it seamlessly with the many finance and administrative tasks they face. As a result, small businesses can manage their operations almost entirely from a single intuitive app.”
As part of the acquisition, the Onfolk team will join Tide and lead Tide Payroll. Founded by Michael Colley, Naz Malik, and Charlie Thomas in 2020, Onfolk received backing from Silicon Valley’s Y Combinator in 2021.
This acquisition marks Tide’s second purchase after acquiring Funding Options earlier in 2023. Prill stated, “M&A is a key part of Tide’s growth strategy, and we are excited to welcome the Onfolk team to Tide. Their expertise will enhance our product roadmap and support our diversification strategy.”