Tide announces plans for the UK SME banking market

27-Feb-2019

Tide has announced that it plans to take a minimum 8% share of the UK SME banking market over the next five years.

Oliver Prill, CEO at Tide  revealed that the ClearBank Tide Business Banking proposition had agreed with the Banking Competition Remedies to achieve at least an 8% business current account market share by 2023, although it will target 10%.

He added that the SME digital challenger bank was targeting the 5.4 million SMEs that were not mid-sized.

It currently has a 1.2% overall market share, with nearly 70,000 users.

Tide recently formed a partnership with ClearBank, which last week secured £60m of funding through the Banking Competition Remedies.

The funding will be released in tranches for every percentage market share gained.

ClearBank will provide the payments infrastructure, while Tide will supply the customer-facing platform.