Zoopla founder Alex Chesterman is among investors who are backing new mobile banking start-up Tide to the tune of £1.5m.
Other pre-launch founders include Errol Damelin, who is former boss of Wonga and a backer of Purplebricks.
Tide is intended to be a mobile banking app with no physical branches. It is not a bank in itself but a middle man between small businesses and the big banks.
It will allow customers to set up a business current account in less than three minutes – a process which can, and often does, take weeks.
It also promises no set-up, monthly or annual fees. Instead, small business customers are charged 20p per transaction.
Tide is currently running a trial with 200 businesses and will launch in the autumn.
Comments (3)
Ideal for ambitious self employed passive intermediary listers, they can be be set up, trained to expert level and listing property and banking listing fees within hours.
I lost any professional/personal interest in this story the moment I read the word “Wonga”.
As Peter Jones would say…. “I’m out.”
‘It will allow customers to set up a business current account in less than three minutes ‘ – MONEY LAUNDERING klaxon.