Tide teams up with Adyen to launch business accounts in Germany

UK-based business financial platform Tide has partnered with global fintech platform Adyen to launch its business account product in Germany, making it available to small and medium-sized businesses.

It comes after Tide announced in March its plans to enter Germany, marking the start of its European expansion outside the UK.

For Adyen, it is the first rollout of its banking-as-a-service solution in Germany, which includes inbound and outbound payments via the SEPA payments system.

Tide members in Germany will receive a German IBAN number when they open a business account from launch, allowing them to more easily receive and spend money, and with a local account reference.

Oliver Prill, chief executive officer of Tide

Through the partnership, Tide will initially offer business accounts to small businesses “lacking a finance function”, with finance and admin solutions, such as invoicing and accounting, due to follow later in 2024.

Oliver Prill, chief executive officer of Tide, called Germany the “first stop” on its expansion across Europe.

“As Tide grows in the UK, India, Germany and beyond, we are happy to be partnering with renowned financial technology provider Adyen,” Prill said.

“With Adyen, we are able to offer excellent banking-as-a-service solutions to our small business owners in Germany and beyond.”

Alexa von Bismarck, president EMEA at Adyen, added: “We are delighted to support Tide in their growth plans and look forward to launching our banking-as-a-service solution in Germany.

“The addition of local IBANs in Germany exemplifies our commitment to building local offerings.”