Business banking service Tide unveils £9.99/month subscription

via AltFi

Digital banking service for SMEs, Tide, is launching a subscription tier for its customers which bundles additional customer support and 20 free transfers a month.

To date, Tide has operated a ‘freemium’ business model where SMEs can sign up for a free current account, and then pay-per-payment for transfers, etc.

CEO Oliver Prill said the launch of Tide Plus comes after the startup received a £60m grant from the RBS Alternative Remedies Package in partnership with ClearBank.

“As part of [Tide’s public commitments], we said we would be launching compelling attractors to ensure the Tide business current account is an attractive alternative for as many small business owners as possible. Tide Plus, which propels Tide from digital-only into a digital-first player, is a key part of this commitment,” the CEO said.

In addition, Tide Plus includes an exclusive matte black debit card, a 24/7 legal helpline, prioritised in-app messaging support and the company says more features are in development.

So far Tide Plus has been beta tested by a group of Tide customers, and will be available to all members by the end of 2019.

In recent months Tide has reached 100,000 account holders, rivalling the Co-Operative Bank for SME customer numbers, has ramped up hiring in its Bulgarian office, launched its first TV advertising campaign, and has launched online signups (as opposed to mobile-only).