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FISERV ACQUIRING BANK TECH PROVIDER FINXACT
Fiserv has struck a $650 million deal to buy Finxact, a firm that provides cloud technology and open development tools for speedier IT upgrades, making it popular with bank technology investors. The Jacksonville, Florida-based Finxact helps financial institutions launch a digital brand, modernize their technology or integrate with fintechs through open banking.
EVERI TO ACQUIRE FINANCIAL TECHNOLOGY PROVIDER – ECASH HOLDINGS PTY LTD.
Everi Holdings Inc. , a premier provider of land-based and digital casino gaming content and products, financial technology and player loyalty solutions, announced today that it has entered into an agreement to acquire ecash Holdings Pty Ltd. (“ecash”), a privately owned, Australia-based developer and provider of innovative cash handling and financial payment solutions for the broader gaming industry in Australia, Asia, Europe and the United States. ecash’s products and technologies represent a strategic extension of Everi’s current suite of financial technology solutions within the FinTech segment. The acquisition will provide Everi with a complementary portfolio of new customer locations throughout Australia, the United States and other geographies. The closing of the transaction, subject to customary conditions, is expected to occur within 60 days.
LAFAYETTE SQUARE ANNOUNCES IMPACT-FOCUSED CREDIT FACILITY WITH SUMITOMO MITSUI BANKING CORPORATION
Lafayette Square, an impact investment platform, announced that its affiliates have entered a new credit facility with Sumitomo Mitsui Banking Corporation (“SMBC”), one of the largest global financial firms. The facility will be used to support Lafayette Square’s regionally focused middle market lending activities, consistent with its mission to achieve impact in local communities. The credit facility will initially provide the Lafayette Square affiliates with the ability to borrow up to $10.6 million based upon unused capital commitments from their investors and is expected to grow through an uncommitted accordion feature expandable up to $1 billion. The annual interest rate applicable to borrowings under the facility will be based on a range of alternative rates, including applicable SOFR plus a margin of 1.8%, and the facility matures in January 2024.
DASHEN BANK ACCELERATE DIGITAL BRANCH TRANSFORMATION WITH CR2 PARTNERSHIP
Dashen Bank the largest private bank in one of the world’s fastest growing economies – Ethiopia – today announced it has extended its strategic partnership with CR2 as they accelerate their Branch Transformation programme, a key pillar of their overall digital transformation taking place at the bank. This latest strategic initiative responds to the changing nature of the branch, migrating traditional teller services to digital points of access such as mobile, online and in-branch self-service terminals including the ATM and kiosk.
COMMERCIAL METALS COMPANY ANNOUNCES PROPOSED $150M TAX-EXEMPT BOND FINANCING
Commercial Metals Company (NYSE: CMC) (“CMC”) announced today a proposed tax-exempt bond financing in the amount of $150.0 million. In connection with the proposed financing, the Industrial Development Authority of the County of Maricopa (the “MCIDA”) authorized the issuance and sale of Exempt Facilities Revenues Bonds (Commercial Metals Company Project), Series 2022 (the “Bonds”). If the financing is completed, MCIDA will issue the Bonds and loan the proceeds of the sale of the Bonds to CMC pursuant to a loan agreement between CMC, as borrower, and MCIDA, as lender. The loan proceeds will be used to finance a portion of the costs of the construction of CMC’s previously announced second steel micro mill in Mesa, Arizona.
AMOUNT ACQUIRES LINEAR FINANCIAL TECHNOLOGIES
Amount, a banking technology provider offering account opening, loan origination and BNPL financing solutions, announced today the acquisition of Linear Financial Technologies (“Linear”), the premier SMB loan and account origination platform.
Linear’s solution set is complementary to Amount’s retail banking and BNPL solutions for consumer loans. Linear’s platform simplifies the borrowing and account opening experience for small business owners and streamlines loan and deposit origination workflows for a broad range of SMB products, ranging from business credit cards, loans, lines of credit and SBA loans. The company has an expansive and diverse set of name brand clients, including Citizens Bank, PNC Bank, Fifth Third Bank, Bank of the West, and American Express, among others.
TIGER GLOBAL INVESTS $15M IN INDONESIAN FINTECH AYOCONNECT
Ayoconnect, Southeast Asia’s largest open finance platform, has closed a $15 million series B financing round led by Tiger Global. The round was joined by PayU, the payments and FinTech business of Prosus, and Alto Partners, as well as individual strategic investors, including Plaid co-founder William Hockey and Jerry Ng, President Commissioner of Bank Jago. Ayoconnect will use the funds to satisfy increasing customer demand for more products and use cases. Ayoconnect is already the largest open finance platform in Indonesia, with more than 200 API customers and 4,000 embedded finance products.
FHF, MORTGAGE BANKS LAUNCH ‘ HELP TO OWN’ HOUSING SCHEME
The Family Homes Funds Limited (FHFL) has launched a home loans assistance programme targeted at Nigerians on low/middle income, offering them a low-cost, deferred equity loan for up to 40 per cent of the cost of their home. The scheme targeted first time home buyers and individuals who can provide a deposit of 10 per cent of the purchase price, especially anyone who earns between N50,000 to N1.7 million yearly.
MASTERCARD LEADS A $40 MILLION ROUND IN SAUDI ARABIA’S HYPERPAY
Mastercard, a technology leader in the global payments industry, has announced a strategic partnership with Saudi Arabia-based HyperPay, the fastest growing e-commerce payments services provider in the Middle East and North Africa (MENA), to drive the adoption of digital payment solutions across the region.
As part of the partnership, Mastercard will make a strategic investment in HyperPay to continue enhancing the delivery of its proven capabilities and identify new technologies that can be applied to practical use cases. Mastercard’s multi-rail approach is about leading payment innovation across multiple payment rails, adding value and connecting information while enabling people and organizations to transact across any channel and to any endpoint.
The collaboration will offer advanced new technologies so businesses, governments, and SMEs can move from cash-based payments to an improved, frictionless, and seamless ecosystem utilizing the innovative capabilities of both Mastercard and HyperPay.
“Growing the payment ecosystem is crucial for the development of a robust digital economy that is more inclusive for all. We are thrilled to enter this partnership with HyperPay as we work together to offer consumers access to innovative, seamless, and secure payment solutions. With this shared vision, Mastercard and HyperPay have the opportunity to unlock the region’s potential by using technology to pave the way for a streamlined, efficient, and more inclusive future.”
Dimitrios Dosis, President, of Eastern Europe, Middle East, and Africa, Mastercard.
“Forging strong partnerships has been part of our mission since day one and we are delighted to announce this collaboration with Mastercard. We are committed to fast-track our expansion beyond payments, to deliver a complete suite of financial products. We have dealt with the challenges businesses face when it comes to accepting digital payments and are building products that meet the evolving needs of our platform customers across all verticals. Ecommerce will continue to grow, as relying more on digital platforms for shopping becomes the optimum way for consumers around the world to shop, and simplified payment solutions will enable the delivery of frictionless consumer experiences.”
Muhannad Ebwini, Founder and CEO of HyperPay.
Mastercard’s Economic Outlook 2022 estimated that 20% of the digital shift in retail would stay put. Furthermore, recent studies from Mastercard showed that 61% of MENA consumers say they would avoid businesses that do not accept electronic payments of any kind.
As a leading technology provider and enabler for digital first-use cases, Mastercard along with its fintech partners is continuing to support the digital payments and virtual banking ecosystems across the region. This is part of Mastercard’s broader multi-rail strategy to support payment innovation in the region across all digital payment rails, enabling people and organizations to send and receive money how, where, and when they choose, across both card and account-to-account payments rails.
SYNAPSE LAUNCHES GLOBAL CASH, A U.S. BASED ACCOUNT SOLUTION FOR INTERNATIONAL FINTECH COMPANIES AND THEIR CUSTOMERS
Synapse, a global banking-as-a-service platform that increases access to financial products, recently announced the launch of Global Cash, a secure cash management account product that enables residents in more than 35 countries to invest and hold U.S. dollars.
Global Cash allows U.S.-based FinTechs to expand their market reach by simplifying the onboarding of international customers through effortless compliance mechanisms. FinTechs abroad can quickly and easily implement a financial solution that grants customers virtually anywhere access to U.S.-based account features.
With more than 1.7 billion underbanked adults worldwide, Global Cash levels the playing field for people such as freelancers, influencers, and gamers who, especially outside of the U.S., often have difficulties getting paid. Global Cash provides popular features, including debit cards, bank-to-bank transfers, virtual account numbers for direct debit and direct credit, bill-pay, ATM access, and domestic and international transfers.
“Global Cash delivers on the promise of truly modern, borderless, and equitable access to financial services for customers without geographic limitations,”
“With so many entrepreneurial global citizens earning their living on the web, we’ve had an overwhelming demand for this product. Before Global Cash there was no easy way to deploy global financial products; a company’s options were to build from scratch or integrate with subpar BaaS providers in each country. Synapse eliminates those roadblocks, helping companies facilitate global account services efficiently and simply through a unified platform.”
Synapse CEO and co-founder Sankaet Pathak.
When Brazilians travel internationally, they face a problem: they can travel with cash and pay foreign exchange fees at high rates or use credit cards that are 4x the cost of U.S. credit cards. Brazilian startup Nomad, powered by Synapse Global Cash, empowers customers to send local currency to a U.S. deposit account from their home bank and access those funds in as little as two business days, along with issuing customers physical and virtual cards to simplify cost-effective transactions.
“Because of the intricacies of cross-border transactions, we needed a partner that was authentically global with the experience to understand the finance, technology, and U.S. compliance systems that make this all possible,”
“Synapse understood our challenges and made life simpler for us. They provided a valuable solution that no one else could.”
Nomad CEO Lucas Vargas.
By empowering people around the globe to open a fully regulated U.S. account, Global Cash can insulate global citizens from monetary concerns in regions experiencing hyperinflation, instability, or negative interest rates, as well as opening the door to a wealth of financial services:
- Receive payments in USD
- Make international purchases
- Invest in global markets
- Participate in foreign exchange and transfers
- Access family financial services across borders
Synapse Global Cash also allows international startups and enterprise-scale financial institutions to easily embed banking products into applications and launch those products in weeks rather than months or years. Fundamental to enabling this speed-to-market is a comprehensive suite of capabilities built into the Synapse platform, including core banking relationships, payment networks, licensing, and identity and risk management, including Know Your Customer (KYC) and Anti-Money Laundering (AML).
“For many outsides of the U.S., the ability to hold U.S. dollars in a U.S. account and transact through that account establishes a new level of economic freedom. Adequate KYC/AML protections are critically important and can be barriers,”
“By solving for compliance inside and out, Synapse enables us to provide these services at the level and scale of the world’s largest banks at a fraction of the cost. And by keeping that cost down we’re able to provide accessible financial services to a global and more diverse range of customers.”
Stefano Angeli, Founder, and CEO of Utoppia.
TRUSIGHT, JPMORGAN CHASE, AMERICAN EXPRESS, BANK OF AMERICA, BNY MELLON AND WELLS FARGO ANNOUNCE THE COMPLETION OF PILOT DIVERSITY AND INCLUSION PROGRAM
TruSight, the financial industry’s leading provider of validated third-party risk data, today announced the successful completion of the 2021 pilot diversity and inclusion program that provides free cyber-readiness assessments to nominated minority-owned companies seeking to provide products and services to the financial industry. The cyber-readiness program is an initiative of TruSight and five of the world’s leading financial services companies: JPMorgan Chase, American Express, Bank of America, Wells Fargo, and BNYM.
The cyber-readiness program aims to break down obstacles for minority-owned vendors by equipping them with comprehensive risk assessments to accelerate their sales cycle and qualify them for more business across the financial services sector. Meeting a financial institution’s requirements as a third-party vendor is, in general, a time-consuming and duplicative process. Before joining the cyber-readiness program, many minority-owned vendors must typically go above and beyond to meet the requirements posed by each financial institution interested in partnering with them as resources for these SMB vendors are often limited – making the process even more challenging.
Third parties participating in the program receive a comprehensive risk assessment conducted by TruSight, which delivers a standardized, current-state view of their risk readiness to provide to the financial industry – cutting down on duplicative assessments and allowing resources to be focused on business growth. Additionally, participating vendors incur no cost for taking part in the program, and their completed assessments are included in TruSight’s catalog, giving them exposure to numerous major financial institutions.
“Completing third-party assessments on time is an important commercial and regulatory activity for financial institutions, but it can be an onerous challenge for vendors,”
“This program is specifically designed to help alleviate that burden for minority-owned businesses, so they can better compete in the marketplace and strengthen relationships with their financial services customers.”
Nathan Rodgers, Executive Director, Supplier Assurance Services at JPMorgan Chase.
The program’s founding banks select the vendors to participate in the program. The recently completed pilot, which launched in 2021, included 25 vendor participants. The goal for the 2022 program is to add 30 more vendors.
“This pilot program has already demonstrated benefits for our suppliers and Bank of America,”
“Participants gain insight into their current cyber-defense readiness – making them a stronger business – and has allowed us to establish relationships with additional diverse-owned businesses that are now cyber-ready.”
Bank of America’s Head of Supplier Diversity, Vonshe Jenkins.
TruSight is an industry-backed data platform developed to facilitate the efficient exchange of standardized and fully validated risk data between service providers and their customers. TruSight’s operating model, in which risk assessments are performed once and shared by many, reduces the time and effort spent by both financial service institutions and their vendors. The universally adopted TruSight methodology enables financial institutions to gain greater visibility into supply chain risk and supports third parties by removing the need to perform multiple assessments.
Vendors enjoy multiple benefits from undergoing a TruSight assessment: they gain visibility into their potential risk gaps; have a completed risk assessment they can readily share with customers, and establish an edge on their competitors by positioning themselves as fully secure and ready.
“The cyber-readiness program has been a valuable exercise for our company,”
“Being assessed by TruSight gave us benchmarks to meet and exceed on our journey to achieve operational excellence. We have been very impressed by the professionalism of the TruSight team and how smoothly the assessment process has gone.”
Amber Kizilbash, COO of Lenox Park Solutions.
“We are thrilled to have an opportunity to participate in this industry program and diversify our catalog of vendors,”
“This cyber-readiness initiative is a win-win for all involved: TruSight can expand its catalog, which gives these vendors wider exposure to key customers and connects our financial service customers to a whole new set of accomplished vendors.”
Patrick Eannotti, TruSight’s director of third-party engagement.
WITH $6.2M, PEBBLE LAUNCHES A FINANCIAL APP BUILT TO REPLACE YOUR BANK ACCOUNT.
Pebble has launched the first financial app that pays you to save, spend, and send your money — all in one balance. With the rollout of the product, Pebble concurrently announced their $6.2M raise to ignite the growth of The Money Revolution.
Pebble’s mission has attracted the support of Y Combinator, Light shed Ventures, Soma Capital, Eniac Ventures, Global Founders Capital, Montage Ventures, East Ventures, Cadenza Capital, The House Fund, Spice Capital, Helium-3 Ventures, and Bluewatch Ventures — as well as NFL superstar Odell Beckham Jr, lead singer of Muse Matthew Bellamy, CEO of Quantstamp Richard Ma, CEO of Nurx Varsha Rao, and CEO of Alt Leore Avidar.
Contrary to the rapid rise of technology, banks seem to disregard keeping up with modern times. Why are we making 1 cent in interest every month? Why don’t we qualify for any substantial cash back unless we pay a fee? The way we interact with our everyday finances still feels extremely archaic.
“Pebble was founded to introduce a new standard to personal finance,”
Sahil Phadnis co-founder and CTO, Pebble.
One of their biggest advantages is that Pebble isn’t a bank. They’re something better. Through Pebble’s digital wallet, users can earn 5% APY rewards on their money and unlimited 5% cashback at their 56 partnered merchants. These include Amazon, Uber, Airbnb, Adidas, Chipotle, and more. If you’re used to getting cheated by banks, you’re probably wondering what’s going on behind the scenes to make these rewards possible?
When you deposit money into Pebble, they convert it into a US dollar-denominated blockchain-based currency called USDC. Then, they lend it out to highly regulated financial institutions. USDC, created by Circle and Coinbase, is asset-backed 1 to 1 — meaning for every USDC there is a dollar equivalent in its reserves. USDC not only has the majority of its reserves managed by Blackrock but has also passed every monthly audit from Granton Thorton. USDC’s technology empowers the fastest and cheapest global transactions, so many of the world’s largest financial institutions are willing to pay more to access them.
Pebble also includes a full suite of features that innovates on your daily financial needs.
“There’s not a single feature in traditional banking that reflects the digital age we’re in. To empower people’s money to truly work for them, we needed to build a brand new foundation from the ground up.”
Aaron Bai Co-founder and CEO, Pebble.
Within the app, you can seamlessly pay, track, and manage your bills just by snapping a picture of it. You will receive a debit card made in collaboration with Mastercard with full budgeting controls. And Pebble supports full and partial payroll connections, so you can watch your paychecks grow in the Pebble ecosystem.
Lastly, you will be rewarded with their unique loyalty points (called Pebbles) for everything you do. While there will not be more information released on Pebbles at this time, they are the key to aligning the incentives of their team, investors, partners, merchants, and you to build the new global economy on top of the blockchain.
“The mantra here is that it pays to be early,”
Aaron Bai Co-founder and CEO, Pebble.
In the coming months, Pebble will be working towards expansion into new markets along with shipping more features on their iOS and Android app.
THE CREDIT THING GOES LIVE WITH TRUELAYER’S RECURRING PAYMENTS API
European open banking platform TrueLayer has partnered with The Credit Thing, implementing the platform’s recurring payments API and making the first consumer Variable Recurring Payments (VRP) transactions in the UK.
The Competition and Markets Authority (CMA) has mandated the UK’s nine largest banks to provide VRPs which support the automatic transfer of money between two accounts belonging to the same person, referred to as ‘sweeping’.
TrueLayer claims to be the first open banking provider to offer a single API that enables businesses to connect to select UK banks to take recurring payments as a replacement for direct debit and card-on-file payments.
The Credit Thing aims to help people in the UK who are unable to gain access to credit due to thin credit histories. By using open banking, the firm’s customers can securely link their bank accounts during the application process to prove their creditworthiness.
The Credit Thing will use TrueLayer’s recurring payment API to deliver an improved customer experience for repayments in a process that takes “seconds”.
“Consumers also have far more control, with a single payment approval that removes the need to re-authenticate or re-authorize transactions, through a payment consent that is tied to a bank account and doesn’t expire until it’s revoked by them,” the firm says.
Unlike both direct debit and card-on-file, recurring payments with TrueLayer provide The Credit Thing with instant access to the funds deposited.
The company also claims that it is a “more cost-effective” alternative, removing the fees incurred by card payments and their potential for chargebacks, and the operational overheads of managing direct debits.
“This isn’t innovation for the sake of it. It delivers meaningful benefits – consumers are firmly in control, the service is secure and user friendly, the cost of service is ultra-competitive, and regular payment approval rates are likely to be phenomenal,”
Colin Hollingsbee, The Credit Thing chief information officer (CIO).
FISERV NAMED A LEADER AMONG MERCHANT PAYMENT PROVIDERS FOR CARAT OPERATING SYSTEM
Fiserv, Inc., a leading global provider of payments and financial services technology solutions, announced it is positioned as a Leader among the companies that Forrester Research, Inc. invited to participate in its industry evaluation.
“We believe our position as a leader in this Forrester Wave is a testament to our ongoing investment in the Carat operating system, and to the thousands of Fiserv associates globally that consult with our clients to enable differentiated experiences across channels, devices, and regions,”
“We are proud that our strong heritage in payments, innovative technology, and unparalleled global reach are helping create a smarter future for our clients.”
Suzan Kereere, Head of Global Business Solutions at Fiserv.
Forrester analysts evaluated the most significant merchant payment providers based on 36 criteria related to the strength of each provider’s current offering, strategy, and market presence. Carat from Fiserv had the highest score in the current offering category and received the highest score possible in the market presence category.
Carat earned the highest score possible in 18 individual criteria, including emerging payments, cross-border settlement, supporting products and services, customer support, partner ecosystem, vision, and region support for North America, Latin America, U.K. and Europe, and Asia Pacific.
“The scale of Fiserv impresses, its value-added services are substantial, and its customer-centric transformations are starting to pay off, stating, “Merchants choose Fiserv because they can often work with [the company] across the globe for all of their needs…The company has overhauled its organizational structure, contracting, and client success model and launched Carat, the brand under which Fiserv has organized its omnichannel payment portfolio. Fiserv is the best fit for enterprise merchants that desire a more consultative relationship with their partner.”
Jamie Forrester, Bank Relationship Manager, Fiserv.
“Our focus on clients and service fuel our drive to innovate,”
“It’s especially meaningful to be recognized as a Leader in the merchant payment providers space for the partnerships we build with our clients, and we are committed to continuing to bring their visions to life.”
Casey Klyszeiko, Head of Carat and e-Commerce at Fiserv.
Carat is the unified, simple, global operating system that enables payments anywhere and anytime, optimizes commerce across channels, and delivers embedded finance in ways that create new customer experiences.
ROUTABLE LAUNCHES REAL-TIME PAYMENTS
Routable, a modern and intuitive business payments platform, with a focus on mass payouts, today announced the launch of Real-Time Payments (RTP), which allows businesses to securely pay vendors and contractors within seconds.
Routable built RTP® leveraging its extensive experience in mass payouts, so it can accommodate businesses as they scale from 250 payouts per month to over 100,000. This is a significant competitive advantage for companies looking to strengthen relationships with key third parties and improve operational efficiency at scale.
“We know how critical it is for our customers to maintain strong relationships with the vendors and contractors that keep their businesses running, and providing instant payments is a great way to do that,”
“This is particularly compelling for companies that operate in crowded markets and are competing for a limited number of contractors, such as real estate, ridesharing, or food delivery. If an agent or driver knows they’ll be paid instantly by one company – including over the weekend – but could wait days to receive payment from another, that’s going to impact their decisions on who to work for.”
Omri Mor, Co-founder, and CEO of Routable.
Benefits of RTP® include:
Speed of payment – Funds are sent, received, and available for use in the recipient’s bank account within seconds
Always on – Transaction processing twenty-four hours a day, seven days a week to accommodate all payment schedules
Streamlined communications – Immediate payment confirmation and remittance data ensure both parties are always aware of payment status
Eliminates late fees – Instant transactions ensure senders avoid fees due to payment delays
Intuitive and flexible – Easy to use API is compatible with any environment and plugs in seamlessly to existing payment infrastructure
Traditional real-time payment offerings require the recipient to elect to receive immediate funds and pay the associated transactional fees themselves. By contrast, Routable’s RTP® takes that onus off the recipient, with its industry-low transaction fee being covered by the sender, rather than the end recipient making it possible to send instant payments at scale.
“To put it simply, we cannot operate without our vendors and contractors, so we’re always looking for ways to deliver an exceptional payment experience that keeps our partners happy,”
“We’ve long known that delivering instant payments directly into their bank accounts would be the best experience possible, but until now it’s been impossible to execute. With Routable’s RTP® we can finally pay our partners immediately through their preferred banks, which will be tremendously helpful in keeping these critical relationships strong as we continue to scale.”
Stephen Kleva, CEO of Insparisk, and Co-founder of Data Fleet.
The launch of RTP® gives Routable’s customers access to the industry’s fastest payment rail while maintaining the security, flexibility, and ease of use they’ve come to expect.
TIDE AND SAGE COME TOGETHER TO BUILD A COMPLETE END-TO-END ACCOUNTING AND TAX SOLUTION FOR SMALL BUSINESSES
Tide, the UK’s leading business financial platform, and Sage, the leader in accounting, financial, HR and payroll technology for small and mid-sized businesses today announced the launch of a complete end-to-end accounting and tax solution for small businesses.
To simplify business admin for SMEs, Tide, in partnership with Sage, announced the launch of Tide Accounting, which enables Tide members to benefit from tightly integrated, automated accounting and bookkeeping services from within their bank accounts. Having simple accounting and taxation built into Tide’s platform will enable small businesses to take control of their business accounting – all within their bank account – as well as staying compliant and avoid penalties.
The key benefits that Tide Accounting will provide members are:
- Updated reports whenever a new transaction is processed
- Real-time insights into your business
- Jargon-free, simple to use, and automated accounting
Developed using Sage’s new accounting and compliance as a service (ACaaS) platform, the solution delivers simplified accounting – automating tasks and ensuring tax compliance for Tide members in the UK. Being offered to non-VAT registered sole traders, in the beginning, this new product combines banking and accounting – all in a single digital environment. By connecting banking data and Tide’s existing finance and admin tools to Sage’s world-class accounting and compliance services, Tide members will be able to streamline financial and compliance processes, such as self-assessment and year-end accounts. Since the solution looks to address the most acute accounting needs of business owners, they will have access to a simple and affordable accounting tool that meets their needs.
For many small businesses who don’t have an accountant, the introduction of Making Tax Digital has left them looking to their banking providers for support and advice. Tide’s partnership with Sage will offer a seamless accounting tool from the Tide app, that will provide members with compliant accounts and insights about their businesses to reduce the time spent and stress of traditional accounting. This will allow them to focus on growing their business (doing what they love) without spending time on unnecessary admin.
“Most business owners find accounting a daunting task and struggle with being compliant, they need a solution that simplifies it for them. Sage’s long and impressive record in accounting and compliance and its strategic alignment with Tide bring us a step closer to our mission to make life easier for people who work for themselves, saving them time (and money) on their financial admin. Through Tide Accounting, small business owners will get access to a simple and more affordable accounting software tailored to their business.”
Oliver Prill, Tide CEO.