Exclusive: Tide to launch UK banking company first

Digital bank

The digital bank for SMEs wants to become a one-stop-shop for business creation in 2020.

Image source: tide

Upstart digital merchant bank Tide is working on a feature that allows clients to electronically register new businesses with Companies House, AltFi can reveal.

If the feature is started — a Tide spokesperson confirmed AltFi that it’s in development, but not expected to launch until 2020 — that might help Tide simplify registering a business and opening a business bank account in one go.

Tide is not currently registered as a training agent with Companies House, and would be the first UK banking provider to do so.

Other large banks usually partner with training officers or accountants and refer clients to them to help register new businesses.

It comes under the CEO Oliver prill’s plan to position Tide as a one-stop-shop for all business, a plan that also involves launching its own accounting platform what prill said AltFi about last month.

Read more – The challenger: Oliver Prill of Tide

Having recently jointly won £ 60million from the RBS Competition Fund, as well as ClearBank, Tide aims to eventually capture 8% of the UK business banking market.

The change will allow Prill to be part of the path, and Tides upcoming features such as ‘trial switching’ and CASS Plus will help, but if the bank becomes the fastest way to register a new business, it is also guaranteed to steal market share.

Whether Tide charge for the creation of the business and the duration of the process (some online training agents claim that negotiation can start within three hours), Tide refused to reveal.

“As a member of ClearBank Tide Business Banking Proposal (CTBB) for the RBS Alternative remedies package, it was announced that the CTBB will launch the start-up proposal. This will allow Tide members to undertake business registrations, tax registrations, etc. as part of the business account opening process. Start-Out is currently on the CTBB roadmap and should be launched in 2020 “, a Tide said the spokesperson.

UPDATE 2019-04-17 – An earlier version of this story referred to Tide as the “first UK bank to do this” as Tide does not have a banking license so this was changed to “bank provider” .

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