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UK-based business financial platform Tide has gone live in Germany, offering a free current account tailored to the needs of small businesses.
This marks the company’s first product in Germany and its third market after the UK and India.
Beginning with the current account offering, Tide will eventually expand to include invoicing, accounting features, and credit services in Germany.
Tide stated customers’ deposits with Tide are secure, as they are protected by the statutory European deposit protection scheme up to €100,000.
In the UK, Tide claims to have captured more than 10% of the market share, serving over 590,000 small and medium enterprises (SMEs).
The platform’s growth trajectory is mirrored in India, where it is said to have amassed a member base exceeding 225,000, with a notable footprint in Delhi, Mumbai, and regions beyond these metropolitan areas.
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By GlobalData
Tide said Germany’s economy, the largest in Europe, constitutes around three million small businesses, most of which have fewer than ten employees.
The SME sector in Germany, employing 5.9 million people, is increasingly adopting digital solutions for financial management, representing a significant opportunity for Tide.
With a global vision, Tide aims to become the ‘leading’ business financial platform.
The company’s workforce of approximately 1,800 is spread across its headquarters and offices in the UK, India, and Bulgaria.
Tide has already established a team in Berlin and is planning further expansion in Germany, including senior-level appointments within the year.
Tide CEO Oliver Prill said: “Tide has a deep understanding of the pain points of the self-employed and freelancers in Germany – and we are here to help reduce these financial and admin management burdens with our business financial platform.
“This leaves small businesses to focus on the fundamentals, which is the management of their businesses, allowing them to save time and money. We are currently working on rolling out our platform capabilities in Germany over the course of the year and beyond.”
