New mobile banking app launched for SMEs

A new mobile banking app designed to meet the needs of small businesses has been launched by UK-based mobile banking company Tide.

Tide, which is one of the world’s first mobile banking services for SMEs, enables users to quickly set up a business account.

Features

Small businesses that use the app will be provided with a sort code and account number, as well as a Tide Mastercard. Businesses that use the service will not be charged a monthly fee, but there will be a charge of 20p per bank payment and a £1.00 fee for cash withdrawals.

Currently, the app is available via web, Android and iPhone. According to Tide, additional features will be rolled out over the next few months, including a multi-user access function.

Tide is set to offer businesses integrated features in the future, which will be offered through partnerships with companies such as accountancy software provider Xero.

Several entrepreneurs and high-profile companies have backed Tide, including Zoopla and Lovefilm Founder Alex Chesterman and Passion Capital Partner Eileen Burbidge.

Needs

Tide’s service was originally announced last year by Founder and CEO George Bevis, who stated that the new app is “designed solely to meet the needs of small business owners.”

Burbidge, Tide’s Chairwoman, commented: “Having invested in more than 60 businesses in the past few years, my partners and I at Passion Capital know setting up and managing business banking efficiently is one of the biggest issues and source of frustration faced by SMEs today.”