Tide to launch Cashflow Insights for supporting SMB owners

By Megha Bhattacharya

UK-based business financial platform Tide will launch Cashflow Insights this month to help small business owners optimise their cash flow, mitigate delays in payments, improve their credit score and get recommendations for credit products appropriate for their businesses.

Cashflow Insights will help business owners to improve their cash flow by providing quick, easy to digest insights and predictions on how their business is doing and recommending actions to take in advance of any potential shortfalls. The product will also help business owners to access the right kind of products to keep cash flow steady, such as Direct Debits for invoices, as well as credit products that are right for their business – whether they need to grow or stay afloat.

Amit Kahana, VP of Credit Services, Tide said, “We are very excited to introduce Cashflow Insights to the Tide platform, delivering crucial insights about a business, allowing the business owner to understand their financial position on the go, and how to avoid any potential shortfalls.”

“With many small businesses getting back on their feet after a long period of lockdowns it’s important business owners are focussing their efforts in the right direction and not wasting time on financial admin. Cashflow Insights will help business owners keep track of their finances and doing the leg work in terms of identifying credit solutions right for them.”

According to the FinTech, Cashflow Insights will first be made available to existing Tide members, using their account data to predict what their balance will look like over the next 30 days. The product will then use Open Banking technology to launch to non-Tide members in the coming months. Via Open Banking, Tide will be able, with the business owner’s permission, access transaction history from other financial solutions to provide an accurate prediction.

Oliver Prill, Tide CEO said, “Cashflow Insights is a key product in Tide’s evolution from a business banking provider to an all-encompassing business financial platform, helping small business owners to manage all of their financial admin in one place.

“We are particularly excited by the way Open Banking will enable Tide to offer this product to non-Tide members as well as our existing members. This will be one of the first examples of Tide using Open Banking technology to access information from other financial institutions to provide a valuable service to business owners without a Tide account.”