Tide has announced that it grew by almost 10% in January as it gained more than 5,000 new members.
The SME digital challenger bank now has 60,000 users and ambitious plans to accelerate growth with funds from the RBS alternative remedies package.
Its partnership with ClearBank has allowed it to apply for the funds, with Tide providing the customer-facing proposition.
If the application is successful, Tide predicts that its market share could increase to 10-16%, depending on the size of the grant.
Oliver Prill, CEO at Tide (pictured above), said: “This has been a strong start to [the] year.
“Additional funding would mean we can transform the market even more quickly and create a genuine scale alternative to the traditional banks.”
“With the infrastructure and customer proposition in place, we can focus the funding on driving awareness of the Tide brand, overcoming switching friction and creating extremely powerful reasons for customers not to default to the big four oligopoly,” Oliver added.
“We are very committed to the Banking Competition Remedies’ objective of changing business banking for the better and believe that this means there needs to be at least one digital-centric player in the award mix.”
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