As competition in the small business banking market heats up, a new tech partnership could help Tide get an edge over rivals Starling, Monzo, and Revolut. Mambu, a cloud-banking platform, will be helping Tide scale and innovate their credit and overdraft facilities.
Tide is the UK’s only SME-focussed challenger player in the market, and has over 150,000 SME members and over 180,000 business accounts on their books.
With lending and access to credit a key issue for the small business community at the moment, this partnership will allow Tide to revamp their offerings for customers. This could include releasing larger overdrafts, credit cards, and invoice financing in multiple geographies.
Tide also plans to allow members to lend to other members via different instruments that will be managed on the Mambu Platform.
Amit Kahana, VP of Credit Services for Tide, said: “At Tide, we have ambitious plans to provide multiple lending products in multiple geographies and in order to achieve that, we looked for a tried and tested solution which can help us to scale.”
Mambu’s technology helps finance companies build new experiences with their cloud banking platform in order to compete in the fintech era, and the company has been around since 2011.