Digital banking platform Tide has agreed a deal to acquire Funding Options, a marketplace for business finance.
The deal is subject to FCA approval.
Founded in 2011, Funding Options is a leader in SME credit intermediation and will give Tide鈥檚 475,000 customers access to more credit options. Over time, they will be able to access Funding Options鈥� panel of more than 120 lender partners.聽
Since 2013, companies have accessed more than 拢680 million in vital funding via Funding Options. 老九品茶es can raise from thousands to millions of pounds for a variety of purposes 鈥� including working capital, growth finance or even just to help them through a difficult trading patch.聽
Funding Options will continue to operate as a separate brand within Tide. Tide鈥檚 existing credit intermediation business will be merged with Funding Options and will be led by Funding Options CEO, Simon Cureton.
Tide鈥檚 members represent more than 8% of the UK market share of SMEs, a figure that the firm says is growing steadily.聽
鈥淓asy access to funding is essential to support the growth of the UK鈥檚 small businesses, especially in these challenging times,鈥� said Oliver Prill, CEO of Tide. 鈥淪o we are delighted that Funding Options is joining Tide.聽
鈥淟ike Tide, they are focused on helping small businesses save time and money. Securing finance is often an issue for small businesses, but Funding Options ensures there are no confusing products, complex application forms and long waits.聽
鈥淚 am delighted Simon Cureton will be leading our combined credit intermediation business, bringing his expertise to help us achieve our ambitious growth plans, both in the UK and beyond.聽
鈥淪ince launch, Tide has grown quickly. As we look to expand in the UK and globally, we will consider further acquisitions to accelerate our growth and add to the services and products we offer our members. We aim to be a sector leader in the fintech merger and acquisition space against the backdrop of fast-moving market dynamics globally.鈥澛�
Cureton added: 鈥淔unding Options has always been a champion of UK SMEs, which is why I am delighted to be joining forces with Tide to accelerate our joint ambitions to equip more entrepreneurs and business leaders with the tools and services they need at this critical time.聽
鈥淥ur technology and data-driven lending platform, Funding Cloud, has already disrupted the market with its efficiency, giving business owners real-time access to a competitive choice of funding options and near-instant credit decisions.聽
鈥淭he SME funding gap in the UK alone is estimated to be 拢56bn, and faster decision making as well as fairer and broader distribution is key to tackling this. As part of Tide, Funding Options鈥� growth will be supercharged as we connect more SMEs to the right finance first in the UK, then globally – helping businesses safeguard jobs, support their local communities and thrive rather than fight to survive.鈥�
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