London-based Tide is expanding the family and providing its 475,000+ members with access to an additional 120+ SME lending partners over time through the acquisition of crosstown fintech Funding Options.
According to a statement released by Funding Options, the brand will continue to operate as a separate entity, now just under the Tide umbrella. Tide’s existing credit intermediation services will be merged with Funding Options, with CEO Simon Cureton leading the charge.
Since, 2013, more than 12,000 companies have accessed more than £680 million in funding, be it used as working capital, growth finance, or even to just tide them through a down period via Funding Options.
The startup’s Funding Cloud platform uses data analytics, open banking APIs, and AI to provide a yes or no on a loan, in so much matching the most appropriate lenders based on borrowers’ needs, and granting access to funds within minutes.
According to the company, the duration from loan application to credit approval could take as little as 20 seconds, and the company record from application to delivery of funds stands at 18 minutes.
On the acquisition, Tide CEO Oliver Prill commented, “Easy access to funding is essential to support the growth of the UK’s small businesses, especially in these challenging times. So we are delighted that Funding Options is joining Tide. Like 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.”
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