Tide to empower small businesses to optimise cashflow with insights tool

• Clear, on-demand, insights to help business owners foresee any financial shortfall
• Access to products to help mitigate payment delays
• Quick and simple access to Tide’s network of credit providers

Tide will launch Cashflow Insights this month to help small business owners optimise their cash flow, mitigate delays in payments, improve their credit score and get recommendations for credit products appropriate for their businesses.

Cashflow Insights will help business owners to improve their cash flow by providing quick, easy to digest insights and predictions on how their business is doing and recommending actions to take in advance of any potential shortfalls. The product will also help business owners to access the right kind of products to keep cash flow steady, such as Direct Debits for invoices, as well as credit products that are right for their business – whether they need to grow or stay afloat.

Cashflow Insights will first be made available to existing Tide members, using their account data to predict what their balance will look like over the next 30 days. The product will then use Open Banking technology to launch to non-Tide members in the coming months. Via Open Banking, Tide will be able, with the business owner’s permission, access transaction history from other financial solutions to provide an accurate prediction.

The product will have three key aspects:

1. Business health-check – understand the business’s financial position, with a view of all outgoing and incoming payments, as well as seeing the probability of invoices being paid on time.
2. Stay in control of your finances – see predictions for what cash flow will look like over the next 30 days, receive a list of actions that could be taken to get cash flow into a more healthy state.
3. Hassle-free access to financing – see credit products from Tide and our partners that the business is eligible for. Credit checks with Tide and our partners mean the member will only see products they are eligible for to make the application process quick and easy.

Cashflow Insights will initially be free to Tide members and non-members.

Amit Kahana, VP of Credit Services, Tide said: “We are very excited to introduce Cashflow Insights to the Tide platform, delivering crucial insights about a business, allowing the business owner to understand their financial position on the go, and how to avoid any potential shortfalls.

“With many small businesses getting back on their feet after a long period of lockdowns it’s important business owners are focussing their efforts in the right direction and not wasting  time on financial admin. Cashflow Insights will help business owners keep track of their finances and doing the leg work in terms of identifying credit solutions right for them.”

Tide has been building out its network of credit partners, on a mission to provide unparalleled access to debt and equity for small businesses, as set out in ClearBank and Tide’s public commitments for the Alternative Remedies Fund Pool E.

Currently, Tide has the following credit partners, with many more to come:

1.  iwoca
2. Liberis
3. Clearbanc (rebranded as Clearco)
4. Uncapped
5. Barclays
6. Start Up Loans (British Business Bank subsidiary)
7. Hokodo
8. GoCardless
9. Ultimate Finance
10. Bibby Financial Services
11. MarketFinance

Oliver Prill, Tide CEO said: “Cashflow Insights is a key product in Tide’s evolution from a business banking provider to an all-encompassing business financial platform, helping small business owners to manage all of their financial admin in one place.

“We are particularly excited by the way Open Banking will enable Tide to offer this product to non-Tide members as well as our existing members. This will be one of the first examples of Tide using Open Banking technology to access information from other financial institutions to provide a valuable service to business owners without a Tide account.”

Tide is not a bank, but a business financial platform and the leading digital challenger in business banking services. We believe that a platform approach is the future of business banking, allowing us to offer both financial and admin services to SMEs saving them time (and money) to allow them to focus on what they love: running their businesses.