New Tide product tackles SMEs’ cashflow challenges

UK business banking platform Tide is set to launch a new product, Cashflow Insights, this month designed to help small businesses with cash flow and to access appropriate credit.

Cashflow Insights will initially be made available to existing Tide members, before launching to non-Tide members in the coming months using Open Banking technology, and will start as a free service to both members and non-members.

Tide said that the product will use businesses’ account data to predict what their balance will look like over the next 30 days and will issue a list of actions that could be taken to get cash flow into “a more healthy state”.

Users of Cashflow Insights will see credit products from Tide and its partners that the business is eligible for, helping to provide access to the right type of credit should they need it.

Amit Kahana, VP of credit services at Tide said that Cashflow Insights allows the business owner to understand their financial position “on the go”, and help them 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 focusing their efforts in the right direction and not wasting  time on financial admin,” Kahana added.

In May, Tide announced a partnership with Sage to bring to market a new SME accounting tool.

Tide has continued to build out its network of credit partners, which currently includes iwoca, Liberis, GoCardless, Bibby Financial Services and MarketFinance.

Tide CEO Oliver Prill said: “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.”