UK financial platform Tide has partnered with European fintech Adyen to offer small and medium-sized enterprises (SMEs) cost-effective and efficient Tide accounts.
Initially being rolled out in Germany, the bank accounts will provide finance and admin solutions, such as invoicing and accounting later on in the year, enabled by Adyen’s bank-as-a-service solution (BaaS) which has been introduced for the first time in Germany.
Oliver Prill, CEO at Tide, said: “We’re delighted to be expanding into Europe, with Germany our first stop. Our mission is to be the leading international financial platform for small businesses.
“As Tide grows in the UK, India, Germany and beyond, we are happy to be partnering with renowned financial technology provider Adyen. With Adyen, we are able to offer excellent banking-as-a-service solutions to our small business owners in Germany and beyond.”
Adyen enhances business accounts products with local IBANs. Through this partnership, Tide is able to fortify its customer-centric approach and leverage Adyen’s full-stack BaaS offering, which includes inbound and outbound payments via the SEPA payments system.
Tide members in Germany will receive a German IBAN number when they open a business account from launch. This allows them to receive and spend money with a local account reference. With German IBANs, Tide aims to show a commitment in providing “exceptional, localised payment experiences and solid understanding” of SME needs.
Alexa von Bismarck, President EMEA at Adyen, added: “We are delighted to support Tide in their growth plans and look forward to launching our banking-as-a-service solution in Germany.
“The addition of local IBANs in Germany exemplifies our commitment to building local offerings. We at Adyen listen carefully to our customers, and as a result know what their needs are, and respond by creating products to create trust and convenience for them in the market.”
