UK banking platform Tide announces new expense management tool

Tide, the UK banking platform targeting small- and medium-sized businesses, have launched a new expense management tool.

The new tool enables businesses to upload an image of receipt and then simply have it automatically be matched with a transaction made through their Tide account. Tide is using machine learning to accomplish the feat, according to report made by Business Insider.

The tool is being rolled out for Tide’s 140,000 clients.

The startup, which is adamant that it should not be called a bank, raised a £44.1m Series B round in October 2019. SBI Group and Augmentum Fintech led the round.

“Securing this substantial investment from successful FinTech investors like the SBI Group and Augmentum, underlines how far the business has come in a short time,” Oliver Prill, CEO of Tide, said at the time. “We believe this is one of the largest Series B rounds ever secured by a UK FinTech company.”

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