Tide and ClearBank’s banking partnership is a “golden opportunity”

ClearBank and Tide have recently announced that they have formed a new partnership to offer a business banking service to small and medium-sized enterprises (SMEs).
With Tide’s support, ClearBank has been able to apply for a grant worth up to £120 million, from the capability and innovation fund that forms part of the RBS alternative remedies package.
As part of the new partnership, Tide will provide the customer-facing side and its digital banking platform, while ClearBank’s will offer its payments infrastructure. Together they aim to deliver an alternative option to SMEs compared to the high street banks.
Oliver Prill, CEO at Tide, said: “The RBS alternative remedies package is a golden opportunity to inject competition and innovation into the business banking market.
“Banks have traditionally viewed serving SMEs as a marginal and low-revenue activity, which is why they have terrible customer satisfaction ratings.”
Mr Prill added: “Our customers love Tide because we are doing things differently, and a grant from pool A will allow us to go even further, faster, for UK SMEs.”
The aim of the new partnership is to use the funding to help increase their awareness particularly to small businesses that are alternate or find it difficult to open new business current accounts.
The new business banking service also aims to offer a product which will incentivise small businesses to switch.
Charles McManus, Group CEO at ClearBank, concluded: “We are delighted to launch this strategic partnership with Tide, a company that shares our ambition to revolutionise banking services provided to the SME market.
“ClearBank is committed to improving SME outcomes in the UK by leveraging innovative partnerships with leading technology and financial services providers in accordance with our white label banking model.”

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