Small businesses on the hunt for a bank account have a new option from today, as Tide launches on iPhone, Android and web.
The new app, the first aimed at companies, allows users to set up a fully functioning business account, complete with UK sort code and account number and a Tide Mastercard for daily expenses, in mere minutes using their passport or driving licence as ID.
Tide has been backed by venture capital firms LocalGlobe and Passion Capital, as well as Zoopla and Lovefilm founder Alex Chesterman, Lovefilm co-founder William Reeve and One Fine Stay founder Greg Marsh.
The app also offers an automated bookkeeping service which categorises transactions as they are made, making life easier when its comes to drawing up accounts.
"For too long, the business services offered by high street banks have failed to meet the needs of the modern small business owner," said George Bevis, Tide founder and chief executive. "With slow sign-up processes, hidden charges and poor customer experience, business banking has been stuck in the dark ages.
"Tide is designed solely to meet the needs of small business owners. We want to remove the pain points that small business owners have previously faced and make Tide a true partner in their day to day business."
Eileen Burbidge, Tide's chairman, partner at Passion Capital and and chair of Tech City UK, added:
Having invested in more than 60 businesses in the past few years, my partners and I at Passion Capital know setting up and managing business banking efficiently is one of the biggest issues and source of frustration faced by small businesses today. The service and flexibility that Tide offers will modernise the small business banking landscape and life for business founders across the UK.