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UK business financial platform, Tide, has launched its first product in Germany, a free current account aimed at small businesses. Germany represents Tide’s third market following the UK and India, where it successfully launched in December 2022.
Tide will gradually offer other services to customers in Germany, including invoicing, accounting features, and eventually credit. Customer deposits are protected by the statutory European deposit protection scheme, up to €100,000.
In the UK, Tide currently serves 590,000 small and medium enterprises (SMEs) or more than 10% market share. Across India, Tide has grown its member base to more than 225,000 micro and small and medium entrepreneurs. It has a strong presence in Delhi and Mumbai and in regions beyond the two urban hubs.
Tide’s addressable market in Germany: 3 million SMEs
Germany represents a major opportunity for Tide. Europe’s largest economy is home to nearly three million small businesses. The majority of such businesses employ less than 10 people. The German SME sector employs 5.9 million people who are increasingly turning to digital solutions to manage their finances.
Tide’s long-term ambition is to be the leading business financial platform globally. Tide employs around 1,800 people in its headquarters in the UK, India and Bulgaria. Tide already has a number of employees working in Berlin. The company plans to expand its presence in Germany this year, including making senior-level appointments.
Oliver Prill, CEO at Tide, said: “Tide has a deep understanding of the pain points of the self-employed and freelancers in Germany. 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’re currently working on rolling out our platform capabilities in Germany over the course of the year and beyond.”
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