Tide, a leader in the UK business financial platform sector, has launched a free current account in Germany aimed at small businesses.
This marks the first product release in the country following the announcement in March about the Tide app’s expansion into Germany—its third market after the UK and India. The initial launch in India took place in December 2022.
In addition to the basic current account services, Tide plans to progressively introduce a comprehensive suite of services to its German members. These will include invoicing, accounting capabilities, and eventually, credit options. Customers can feel secure as their deposits are safeguarded up to €100,000 under the European deposit protection scheme.
The company’s strategy in Germany mirrors its successful UK model, where it serves over 590,000 SMEs, accounting for more than 10% of the market. In India, Tide has expanded its membership to over 225,000 micro and small enterprises, particularly strong in cities like Delhi and Mumbai, as well as in other regions.
Germany offers a significant growth opportunity for Tide. The country, being the largest economy in Europe, is home to nearly three million small businesses, most of which have fewer than 10 employees. The German SME sector, employing around 5.9m people, is increasingly adopting digital solutions for financial management.
Oliver Prill, CEO at Tide, commented on the launch: “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’re currently working on rolling out our platform capabilities in Germany over the course of the year and beyond.”
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