Tide has unveiled its plan to introduce business accounts in Germany, marking the initiation of the company’s expansion into Europe.
This strategic move is made possible through a collaboration with payments platform Adyen, which is leveraging its banking-as-a-service solution to cater to the needs of small and medium-sized businesses (SMBs) in the region, according to Finextra.
Expressing his enthusiasm, Tide’s CEO, Oliver Prill, stated, “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.”
In partnership with Adyen, Tide will facilitate both inbound and outbound payments using the SEPA payments system. Upon opening an account, businesses in Germany will be allocated a German IBAN number, enabling seamless receipt and expenditure of funds, along with a local account reference.
Echoing this sentiment, Alexa von Bismarck, President EMEA at Adyen, remarked, “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, known for its prowess in business financial services, commands over 10% market share of SMBs in the UK. Having made its debut in India in December 2022, and extending an invitation to German users to join the waiting list in March 2024, Tide boasts a member base of approximately 800,000 small businesses across India and the UK.
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