Tide has sealed a multi-year strategic partnership with Mastercard to enhance its business banking services and become a principle issuer, meaning it will now settle funds directly with the payments giant.
The two companies will also work together to deliver card functionality and innovative payments features onto the Tide platform.
Tide chief executive Oliver Prill said: “We are looking forward to working closely with Mastercard to further develop the innovative service we offer to our members, and to push further forward in our mission to save small business owners time (and money) on their banking and admin.
“With over 200,000 SME members now using the platform, Tide is rapidly increasing its market share and quickly catching up to the traditional players," he added.
Scott Abrahams, senior vice president for business development and FinTech at Mastercard, added: “Tide are revolutionising business banking for SMEs and we are proud to have worked with them over the past five years since their inception, so we are delighted to be expanding our relationship with Tide to continue to develop and offer their ground-breaking services to small business owners.”
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