UK-based business financial platform Tide has introduced its services in Germany, including a free current account intended to support small businesses. At the time of the announcement, Germany is the third country in which Tide launched its services, with the news coming after the introduction in the UK and India in December 2022.

The company announced its plans to enter Germany in March 2024, with the move being part of its development strategy across Europe. Tide was projected to offer its suite of tools and knowledge to customers and clients in the country, whilst also focusing on meeting the demands and preferences in the market and maintaining compliance with the laws and regulations of the local industry. Moreover, at the beginning of May 2024, Tide entered a collaborative agreement with Adyen to launch business accounts for small and medium-sized businesses (SMEs) in Germany. The two companies aimed to focus on merging their expertise and suite of solutions to provide SMEs with access to Tide business accounts.

Tide’s plans in Germany As detailed in the press release, Tide is set to gradually provide other services to customers in Germany, including invoicing, accounting features, and eventually credit. At the moment, the company serves nearly 590,000 SMEs, which represents approximately 10% of the market share, while in India its member base includes more than 225,000 micro, small, and medium entrepreneurs. Representing a substantial growth opportunity for Tide and one of Europe’s largest economies, Germany hosts nearly three million SMEs, most of which employ less than 10 people.

The country’s SME sector hires 5.9 million individuals who are moving towards leveraging more digital solutions for finance management. Furthermore, Tide’s long-term objective is to solidify and advance its position as a business financial platform worldwide. The company employs nearly 1,800 individuals in the UK, India, and Bulgaria, and currently has people also working in Berlin. As part of its plans in Germany, the company aims to expand its presence and make senior-level appointments.

According to Tide’s officials, it intends to support the reduction of financial and admin management difficulties by providing its business financial platform to users. This allows SMEs to focus on their core operations whilst also saving time and money. Tide is currently working on launching its platform capabilities in Germany throughout 2024.

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