UK business banking platform, Tide has announced the start of a new multi-year strategic partnership with Mastercard to further enhance its innovative SME banking services.
The partnership will see Tide becoming a principal Mastercard issuer, as it affirms its position as a leader in digital business banking, and means Tide will now settle funds directly with Mastercard.
Oliver Prill, Tide CEO stated: “Entering a strategic partnership with Mastercard and becoming a principal card issuer is an extremely exciting step for Tide. We are looking forward to working closely with Mastercard to further develop the innovative service we offer to our members, and to push further forward in our mission to save small business owners time (and money) on their banking and admin.
“This partnership is testament to the extreme growth Tide has experienced in the past few years. With over 200,000 SME members now using the platform, Tide is rapidly increasing its market share and quickly catching up to the traditional players. I look forward to seeing what we can achieve in partnership with Mastercard.”
Tide and Mastercard will also work together to deliver card functionality and innovative payments features onto the Tide platform to meet the rapidly developing needs of UK small businesses.
Scott Abrahams, Senior Vice President, Business Development and Fintech at Mastercard added: “Tide are revolutionising business banking for SMEs and we are proud to have worked with them over the past five years since their inception. We are delighted to be expanding our relationship with Tide to continue to develop and offer their ground-breaking services to small business owners.”
