Tide & Adyen Partner to Launch Business Accounts in Germany
One of the UK’s leading business financial platforms, Tide, has partnered with global payments provider Adyen to offer small and medium-sized businesses (SMBs) Tide business accounts – first in Germany before a further expansion in Europe.
The news comes after Tide announced its strategic entry into the German market in March. It also launched in India in 2022 and has already amassed 800,000 small businesses as members across the UK and India. In 2023, Tide announced a programme to enhance UK-India business relations.
Now with Adyen’s support, the fintech can offer SMBs lacking a finance function access to cost-effective and efficient business accounts across Germany.
Tide’s German expansion
In addition, Tide plans to further enable German SMBs with highly connected finance and admin solutions, such as invoicing and accounting, which it plans to introduce to the market throughout 2024.
Oliver Prill, CEO at Tide, says: "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 payments provider Adyen. With Adyen, we can offer excellent banking-as-a-service solutions to our small business owners in Germany and beyond.”
Adyen enters Germany for the first time
The launch marks the first time Adyen has had its banking-as-a-service (BaaS) solution used commercially in Germany.
Adyen will support Tide as it bids to fortify its customer-centric approach, with Tide leveraging Adyen’s full-stack BaaS offering, including inbound and outbound payments via the SEPA payments system.
Thanks to Adyen, Tide customers in Germany will receive an IBAN when they open a business account from launch, allowing them to receive and spend money easily with a local account reference.
By providing German IBANs, Tide believes it demonstrates a commitment to providing exceptional, localised payment experiences with a firm understanding of small business needs.
Alexa von Bismarck, President EMEA at Adyen, adds: "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.”
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