Tide, UK-based business financial platform, has announced the acquisition of Onfolk, a specialised payroll solution for UK SMEs.
This acquisition is poised to streamline administrative tasks for Tide’s members by integrating essential services into one intuitive app. Onfolk is known for its robust payroll system which is integrated with accounting and pension providers, enhancing operational efficiency for small businesses.
The partnership aims to simplify the payroll process for Tide’s 650,000 UK members, enabling them to manage their business finances more efficiently in one unified application. By incorporating Onfolk into Tide’s existing suite of financial and administrative tools, members will benefit from seamless connectivity between payroll, invoice generation, payment services, and expense management.
Onfolk offers HMRC-recognised payroll software that automates various payroll tasks including tax code updates, pension allocations, and payslip generation. This service will now be rebranded as Tide Payroll. Despite the integration, existing Onfolk customers will continue to have access to the Onfolk platform, ensuring a smooth transition.
The acquisition is not only a strategic addition to Tide’s portfolio but also aligns with its mission to save time and money for small businesses by simplifying administrative processes. This move follows Tide’s previous acquisition of Funding Options, as the company pursues a strategy of growth through mergers and acquisitions.
Onfolk’s founding team, consisting of Michael Colley, Naz Malik, and Charlie Thomas, will join Tide and take leadership roles in Tide Payroll. Their expertise is expected to accelerate product development and support Tide’s global expansion efforts.
Tide CEO, Oliver Prill, emphasised the strategic value of the acquisition: “Payroll is a significant part of running any successful small business and we want to help our members simplify that process. Once again, Tide is making an admin heavy process simple for small business owners by connecting it seamlessly with the myriad of disjointed finance and admin tasks. As a result, small businesses can increasingly run their business almost entirely from a single intuitive app.
“M&A is a key part of Tide’s growth strategy, and we are delighted to welcome the Onfolk team to Tide. Their expertise will accelerate our product roadmap, and support our diversification strategy.”
In a joint statement, Onfolk co-founders Michael Colley and Naz Malik stated: “We’re very excited about Onfolk becoming part of Tide, a leader in supporting small businesses. We’re fully aligned with their mission to save business owners time and money, and we see this as an incredible opportunity to make payroll even more accessible to businesses around the world. As part of Tide, we’ll help businesses spend less time on admin and more time focusing on what they do best, leading and growing their business.”
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