App-based bank Tide launches in boost for small firms

A new mobile banking service for SMEs has launched with the backing of some of London’s best-known start-up entrepreneurs.

The unveiling of Tide, the first banking app for companies, follows the rise of consumer app-only banks such as Monzo, formerly Mondo, and Atom.

“Getting a regular small-business current account from a traditional bank can take weeks. On Tide, you can do it in five minutes,” said founder George Bevis, a banker-turned-entrepreneur.

Bevis secured $2 million (£1.6 million) of backing last year from investors including venture-capital firms Passion Capital and LocalGlobe, as well as Zoopla founder Alex Chesterman.

Tide is chaired by Eileen Burbidge (pictured), a partner at Passion and the chairman of Tech City UK.

“These are all people who have had deep personal experiences of just how rubbish banking is for businesses,” Bevis said.