Tide has announced that it will offer business accounts in Germany, marking the beginning of the company's expansion into Europe.
The move has been executed in partnership with payments platform Adyen, which is fronting their banking-as-a-service solution to support small and medium-sized businesses (SMBs) in the region.
Oliver Prill, Tide’s CEO, commented: " 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.”
Through its partnership with Adyen, Tide will provide inbound and outbound payments via the SEPA payments system. Businesses in Germany will receive a German IBAN number when they open an account, enabling them to receive and spend funds smoothly, and with a local account reference.
Alexa von Bismarck, President EMEA, Adyen, added: "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 is a business financial platform with more than a 10% market share of SMBs in the UK. In December 2022 it launched in India and in March 2024, it invited users in Germany to join the waiting list. Tide’s member base across India and the UK stands at around 800,000 small businesses.