Tide to acquire SME finance marketplace Funding Options
UK-based business banking platform Tide is set to acquire Funding Options, a UK marketplace for small business finance, for an undisclosed sum.
Tide acquires Funding Options. Image source: Funding Options
The deal will see Tide’s 475,000 small and medium-sized enterprise (SME) customers gain access to more credit options in the near future, accessing Funding Options’ panel of more than 120 lender partners.
Funding Options will operate as a separate brand within Tide while Tide’s existing credit intermediation business will be merged with Funding Options and led by Funding Options CEO Simon Cureton. The firm currently boasts £1 billion worth of demand for business finance from SMEs every month.
Cureton says: “The SME funding gap in the UK alone is estimated to be £56 billion, and faster decision making as well as fairer and broader distribution is key to tackling this.
“As part of Tide, Funding Options’ growth will be supercharged as we connect more SMEs to the right finance first in the UK, then globally.”
Tide CEO Oliver Prill says easy access to funding is “essential” in supporting the UK’s SMEs.
“Securing finance is often an issue for small businesses, but Funding Options ensures there are no confusing products, complex application forms and long waits.”
Prill adds that Tide has grown quickly and is looking to expand through acquisitions.
“We aim to be a sector leader in the fintech merger and acquisition space against the backdrop of fast-moving market dynamics globally.”
