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Season 5 – Episode 12: Founder & CEO at Tide – George Bevis

Part 1 of 2: Episode 12 of season 5
George Bevis
Founder & CEO at Tide

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EPISODE SPONSORED BY LOKKIMA AND CMERE.
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“Business services offered by High Street banks have failed to meet the needs of the modern small business owner,” said George Bevis, Tide founder and CEO. “With slow sign-up processes, hidden charges and poor customer experience, business banking has been stuck in the dark ages.”

Tide, a UK-based, mobile-first banking service targeting small and medium enterprise customers, has picked up a Series A of $14 million, one of the bigger rounds for a fintech startup in Europe this year. The investment was led by Anthemis (the London-based fintech investor that has also backed Azimo, Currencycloud, Betterment and Simple) and Creandum (investor in Spotify and many other high-profile European startups), and is joined by Passion Capital and LocalGlobe, which backed Tide in a $2 million seed investment last year. Eileen Burbidge of Passion Capital is also Tide’s chairperson.

Tide’s unique selling point is that it provides a less expensive and faster service to smaller businesses who lack the staffing to run the accounting and admin sides of their businesses efficiently.

“People who run small businesses waste time with crappy administrative tasks, so we work out smart ways with software to automate these things,” Bevis said.

While a customer would use Tide just as they would a regular business banking account, it’s important to note that Tide is not a bank. Member deposits are kept in a ring-fenced account at Barclays under an FCA-regulated eMoney license by PrePay Solutions (PPS). Funds being held under an eMoney license, means deposits cannot be invested by PPS.

Article on investing and TIDE: https://techcrunch.com/2017/07/03/uks-tide-raises-14m-to-challenge-big-banks-with-a-mobile-first-service-for-smbs/

MENTOR: Eileen Burbidge – Eileen is a Partner at Passion Capital, an early-stage VC fund based in London. She brings extensive operational experience to her investment activities gleaned from business and product roles at Yahoo!, Skype, Apple and elsewhere. In addition to Passion Capital, Eileen is also the Chair of TechCity UK, which is the British government-backed organisation supporting digital business across the UK. She is also HM Treasury’s Special Envoy for FinTech and has received an MBE for services to Business in June 2015.

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