The tide turns for UK’s SMEs
United Kingdom
Established in 2016, Tide is revolutionising how small and medium businesses manage their money admin. Tide’s platform offers a business bank account that is connected to tools that simplify processes and allow Tide members to apply for credit, manage their invoices and expenses, conduct their payroll, accounting and much more.
The challenge
In 2019 Tide decided to scale a lending product. Because they did not want to build it in-house they needed a technology partner to handle the ledger, the lending portfolio management as well as the accounting and reporting at scale. “At Tide, we have ambitious plans to provide multiple lending products in multiple geographies and in order to achieve that, we looked for a tried and tested solution which can help us to scale,” added the VP of Credit Services at Tide.
To assess and compare potential banking platforms Tide issued an RFP, as a result of which Mambu was selected. Mambu’s SaaS cloud banking platform stood out because of two significant advantages: the flexibility in shaping banking products and the accuracy and detail of accounting reporting.
The solution
Taking a cloud approach, Tide chose Mambu as their core engine and deployed on Amazon Web Services. Tide’s main objective was to scale up its operations and revamp its product offering, with a unique requirement to build the revolving credit for businesses. The team built, tested and launched the new product in just three months.
By partnering with Mambu, Tide is able to create compelling new products and revamp its offerings for customers, including releasing larger overdrafts, credit cards and invoice financing. “Mambu has an impressive track record of delivering the type of products and services we need to provide our members with, as well as accounting tools which make our finance department’s life much easier,” commented the VP of Credit Services.
Choosing the low-code route and involving partners that offered lean and flexible solutions, allows Tide to focus development efforts on customer facing value creation and configurations.
Mambu has an impressive track record of delivering the type of products and services we need to provide our members with, as well as accounting tools which make our finance department’s life much easier.
The results
Quick to set up and easy to use, Tide provides UK’s entrepreneurs and small business owners with a wide range of powerful business admin features.
Over 500,000 SMEs now use Tide’s mobile-first platform for their business banking needs, making Tide one of the UK's fastest growing banking services for entrepreneurs and small businesses.
To help their members further, Tide plans to launch new services such as peer-to-peer lending, which will be managed on Mambu’s platform, as well as expand further into other geographies, starting with India.
