UK-based business financial platform Tide is set to expand its operations into Germany, making Germany its second market outside of the UK, after its operations in India in 2022.
Tide provides highly connected finance and admin solutions to UK small businesses that lack finance function, to save their customers time and money.
Tide offers solutions ranging from business current accounts to accounting, to more than 575,000 small and medium enterprises (SMEs) in the UK, more than 10% of the market.
The company is now allowing potential customers in Germany to immediately join the waiting list on its website, with plans to introduce the Tide app in the coming months.
The customers can initially access Tide’s Business Account and card products, with Tide’s full platform capabilities, from invoicing to cash flow solutions to be rolled out step by step.
Tide CEO Oliver Prill said: “As in the UK, small businesses are the backbone of the German economy, Europe’s largest. Our success in the UK has been built on having a deep understanding of the pain points of small businesses, the self-employed and freelancers.
“Our goal is to help reduce the financial and administrative management burdens with our advanced business financial platform. Looking at what is on offer for SMEs in Germany, we believe there is a huge opportunity for Tide.
“Across all our markets, we continue to add to the services and products we offer to our members, as part of our mission to be the leading international financial platform for small businesses.”
According to Tide, Germany is Europe’s largest economy with nearly three million small businesses, and the country’s financial sector is rapidly evolving.
Also, the SME financial services market in Germany is dominated by large traditional banks.
Tide plans to bring its simple and innovative offering to small businesses in Germany.
The company currently employs 1,600 people globally and has offices in India and Bulgaria in addition to its headquarters in London.
The financial platform has employees in Germany and plans to expand its presence around the country.
His Majesty’s Europe Trade Commissioner Chris Barton said: “We are delighted that Tide is entering the German market and beginning to grow in continental Europe.
“In the UK, its first market, Tide represents a remarkable success story and has already helped hundreds of thousands of small businesses to keep their finances and administration under control in recent years.
“Tide is now one of the UK’s leading providers of innovative solutions for small businesses and is making an important contribution to strengthening the SME sector.”
