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.
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
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.
“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” .