Tide, a prominent UK-based business financial platform, has joined forces with Adyen, a global payments provider, to introduce Tide business accounts to small and medium-sized businesses (SMBs) in Germany, with plans for further expansion across Europe.
This collaboration follows Tide’s strategic move into the German market earlier this year, following its successful launch in India in 2022. With over 800,000 small businesses already onboarded in the UK and India, Tide aims to extend its reach and support to SMBs in Germany, filling a gap for businesses lacking a dedicated finance function.
Oliver Prill, Tide’s CEO, expressed enthusiasm about the expansion, stating, “We’re delighted to be expanding into Europe, with Germany our first stop. Our mission is to be the leading international financial platform for small businesses. “As Tide grows in the UK, India, Germany and beyond, we are happy to be partnering with renowned payments provider Adyen. With Adyen, we can offer excellent banking-as-a-service solutions to our small business owners in Germany and beyond.”
Moreover, Tide is set to introduce a range of finance and admin solutions tailored to the needs of German SMBs, including invoicing and accounting tools, throughout the year 2024.
Adyen’s involvement marks its debut in the German market with its banking-as-a-service (BaaS) solution, enhancing Tide’s customer-centric approach. Tide customers in Germany will benefit from Adyen’s full-stack BaaS offering, enabling seamless inbound and outbound payments through the SEPA payments system.
Alexa von Bismarck, President EMEA at Adyen, emphasized their commitment to catering to local needs, stating, “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. We at Adyen listen carefully to our customers, and as a result, know what their needs are, and respond by creating products to create trust and convenience for them in the market.”
With the introduction of German IBANs, Tide aims to provide exceptional, localized payment experiences, reinforcing its dedication to understanding and meeting the requirements of small businesses in the region.
