back Back

Tide rolls out new Credit Builder solution for SMEs

By Megha Bhattacharya

July 08, 2021

  • Tide
  • UK
Share

Tide, UK, London, India, FinTech, digital, bankingTide, the UK-based business financial platform has launched Tide Credit Builder to help small businesses build up their Experian credit score to be able to borrow to grow. Tide will help its members build their creditworthiness by giving them a micro ‘reverse loan’ of £240. The business makes ‘repayments’ of around £23 per month to Tide, once 12 monthly payments have been made, the business will receive £240 back. By making these small payments on time every month, the business will be able to prove their ability to repay, increasing their credit score over the 12 months. The product has been developed with the support of Experian.

Amit Kahana, VP of Tide Credit Services said: “As we emerge from the COVID-19 pandemic, small businesses are working hard to get back on their feet and make up for the toughest year and a half they have seen. Investing in growth is high on the list of priorities for many of these businesses but a poor or non-existent credit score is often a barrier to accessing credit options.

“We hope that by offering a simple way for businesses to boost their credit score they will see a wider array of credit products opening up to them, helping to fuel sustainable growth.”

By using Tide Credit Builder, small business owners will also be able to access credit services more quickly, gain additional advice on how to improve their credit score, and understand how they can access better rates on future credit products, by having a better credit score.

Oliver Prill, Tide CEO said: “Tide is about helping our members manage and grow their business. Access to credit is important to many of them. I am grateful to Experian for supporting us to provide our members with the ability to build the credit history so vital to provide them with funding in the future. Tide members tend to be relatively new businesses that haven’t yet been able to build up a credit score. We are pleased to be able to offer them a service that enables them to fasttrack that process and put them in a position where they can start to use credit products that suit them to grow their businesses.”

Previous Article

July 08, 2021

Hay launches Hay-as-a-Service with Appian Low-Code Automation Platform

Read More
Next Article

July 08, 2021

InComm Payments selects Flexa to enable seamless digital currency acceptance for merchants

Read More






IBSi Daily News Analysis

UAE, money transfer

June 14, 2024

Tide

Digital remittances surge as key lifeline amid global economic challenges, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 14, 2024

CredAble bags $3.5m from SIDBI to finance India’s MSMEs & Women-Led enterprises

Read More

June 14, 2024

Liberis & Paytrail offer revenue-based financing to Finnish e-businesses

Read More

June 14, 2024

Avaloq & Comyno team up to launch securities financing solution

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023