Tide Collaborates With Adyen For Expansion In Germany

Tide announced it would provide business accounts in Germany, signaling the start of the firm’s expansion into Europe.

This action is carried out in partnership with payments platform Adyen, which is leading its banking-as-a-service solution to help small and medium-sized businesses (SMBs) in the region.

Adyen And Tide Seek To Provide Financial Technology Solutions Tailored For Businesses

Tide, also known as Tide Platform Limited, is a financial technology company in the UK. It lets businesses set up a current account and get immediate access to different financial services. It gives mobile-first banking services for small and medium-sized businesses. Also, Tide helps with automatic bookkeeping and integrated invoicing.

Adyen gives online services for merchants to accept electronic payments using various payment options. These options include wire transfers, debit cards, real-time bank transfers, and credit cards based on online banking.

The technology platform works as both a payment service provider and a payment gateway. It connects merchants to a range of payment options, including mobile payment methods, local cash-based methods, and international credit cards.

Adyen also functions as a Dutch payment company, holding the position of an acquiring bank, which permits businesses to receive point-of-sale, mobile, and e-commerce payments. It is publicly traded on the Euronext Amsterdam stock exchange.

Tide Aims To Streamline Banking Processes For Small And Medium-Sized Enterprises

The Chief Executive Officer at Tide, Oliver Prill, stated that his team is excited to extend into Europe, starting with Germany. Tide’s goal is to become the primary global financial platform for small enterprises.

Organizations in Germany will be issued a German IBAN upon opening an account, allowing them to spend and receive funds effortlessly, along with a local account reference. By working together with Adyen, Tide will offer outbound and inbound payment services through the SEPA payments system.

Alexa von Bismarck, President of Adyen, stated the inclusion of local IBANs in Germany demonstrates their dedication to developing local offerings.  His team is thrilled to assist Tide in their expansion strategy and anticipates the launch of our banking-as-a-service solution in Germany, he added.

Founded in 2015, Tide stands as one of the initial digital-only finance platforms in the UK to offer current accounts tailored for businesses. By 2020, it maintained offices in London (headquarters), Hyderabad (India), and Sofia (Bulgaria).

Tide is a financial business platform with a membership base of approximately 800,000 small businesses across India and the UK. It has over 10% SMB market share in the UK. Tide began operating in India in December 2022 and in March 2024 and it encouraged users in Germany to sign up for the waiting list.