Funding Options acquired by Tide
Business finance aggregator Funding Options has been acquired by Tide for an undisclosed amount, pending Financial Conduct Authority (FCA) approval.
The Funding Options brand will continue to operate, while Tide’s existing credit intermediation business will be merged with Funding Options and will be led by the platform’s chief executive, Simon Cureton.
Tide is a digital business banking platform whose members represent more than eight per cent of the UK market share of small- and medium-sized enterprises (SMEs). The acquisition aims to create a “huge new marketplace for SME credit in the UK.”
“Easy access to funding is essential to support the growth of the UK’s small businesses, especially in these challenging times,” said Oliver Prill, chief executive of Tide.
“So we are delighted that Funding Options is joining Tide.
“Like Tide, they are focused on helping small businesses save time and money. Securing finance is often an issue for small businesses, but Funding Options ensures there are no confusing products, complex application forms and long waits.
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“I am delighted Simon Cureton will be leading our combined credit intermediation business, bringing his expertise to help us achieve our ambitious growth plans, both in the UK and beyond.”
This is Tide’s first acquisition, but Prill said that he will “consider further acquisitions to accelerate our growth and add to the services and products we offer our members.”.
“We aim to be a sector leader in the fintech merger and acquisition space against the backdrop of fast-moving market dynamics globally,” he added.
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Funding Options was founded in 2011 and has grown to become a leader in SME credit intermediation. Since 2013, SMEs have accessed more than £680m in funding from Funding Options’ 120 lending partners. These partners include several peer-to-peer lending and alternative lending platforms, such as MarketFinance, Iwoca, Funding Circle and Nucleus Commercial Finance.
“Funding Options has always been a champion of UK SMEs, which is why I am delighted to be joining forces with Tide to accelerate our joint ambitions to equip more entrepreneurs and business leaders with the tools and services they need at this critical time,” said Cureton.
“Our technology and data-driven lending platform, Funding Cloud, has already disrupted the market with its efficiency, giving business owners real-time access to a competitive choice of funding options and near-instant credit decisions.
“The SME funding gap in the UK alone is estimated to be £56bn, 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 – helping businesses safeguard jobs, support their local communities and thrive rather than fight to survive.”
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