Tide has acquired Onfolk, a UK payroll solution, to strengthen its offerings for small businesses and rebrand it as Tide Payroll.
Following the acquisition, Tide plans to strengthen its support for small businesses by providing a crucial service for its 650,000 UK customers, allowing them to manage operations directly through the Tide app.
Tide Payroll will integrate with Tide’s core finance and administration tools, including invoicing, payment services and expense cards, aiming to help members save time and money.
Oliver Prill, CEO of Tide, said: “Payroll is a significant part of running any successful small business and we want to help our members simplify that process. Once again, Tide is making an admin heavy process simple for small business owners by connecting it seamlessly with the myriad of disjointed finance and admin tasks.
“As a result, small businesses can increasingly run their business almost entirely from a single intuitive app.
“M&A is a key part of Tide’s growth strategy, and we are delighted to welcome the Onfolk team to Tide. Their expertise will accelerate our product roadmap, and support our diversification strategy.”
Onfolk is HMRC-recognised payroll software that integrates with pension and accounting providers. It generates payslips with clear explanations, automates tax code notifications and pension allocations and stores payroll documents.
Tide noted that existing customers can continue using the platform seamlessly.
Michael Colley and Naz Malik, Co-Founders of Onfolk, commented: “We’re very excited about Onfolk becoming part of Tide, a leader in supporting small businesses. We’re fully aligned with their mission to save business owners time and money, and we see this as an incredible opportunity to make payroll even more accessible to businesses around the world.
“As part of Tide, we’ll help businesses spend less time on admin and more time focusing on what they do best, leading and growing their business.”
In May, Tide partnered with European fintech Adyen to offer small and medium-sized enterprises (SMEs) cost-effective and efficient Tide accounts.
