Digital business banking platform Tide is seeking further acquisitions after finalising its purchase of SME credit marketplace Funding Options.
Tide’s purchase of Funding Option was first proposed in November 2022 but is finally complete after getting the nod from the UK’s Financial Conduct Authority.
Funding Options will operate as a separate brand within Tide, with work underway to merge Tide’s existing credit intermediation business with the marketplace. This part of the business – called Tide Partner Credit Services – is led by Funding Options CEO Simon Cureton.
According to Tide CEO Oliver Prill, the company is now looking at further deals to speed up its growth and to widen its service offering.
“With challenging macroeconomic conditions driving a wave of business consolidation in the market, the addition of Funding Options to Tide means we can provide our members with more ways of accessing credit,” says Prill.
“Working with Simon and his team, our plans to scale our credit intermediation business will serve this real and rising need for funding. As Tide grows in the UK and globally, we’re looking at further acquisitions to accelerate our growth and add to the services and products we offer our members.”
Access to finance
Simon Cureton, CEO, Funding Options, commented: “The combined capabilities of Tide and Funding Options as it relates to SME finance is phenomenal. As part of Tide, our ability to do what we do best – help businesses gain access to finance – is going to be turbo-charged, not only in the UK but also as we move into new markets.
“We’ll be at the forefront of the sector, driving innovation in technology, new products, new services and new features that will make a huge difference to our customers.”
Since 2013, companies have accessed more than £700million in funds via Funding Options. The addition of the marketplace will give Tide’s more than 475,000 members (representing approximately nine per cent of the UK market share of SMEs) access to more credit options.
