More than one in 10 (c.11%) small businesses in the UK use the Tide app. Tide provides a service for small businesses which don’t have their own finance function, such as sole traders and smaller limited companies. Tide offers business accounts and related banking services, including a savings account, but also a comprehensive set of highly usable and connected admin solutions including invoicing, accounting and company formations.

In the UK, 75% of Tide’s members are based outside Greater London, with 14% in Northwest England, 10% in the West Midlands, and 11% in Southeast England.

These small businesses typically operate in sectors such as e-commerce and construction, while many solopreneurs work as a driver or courier. In India, about 90% of Tide members are in semi-urban and rural areas, with Uttar Pradesh, West Bengal and Madhya Pradesh representing the top three states.

Today’s milestone underscores Tide’s commitment to save SMEs time (and money) when managing their finance and admin.

Highlights:

• More than 1 in 10 UK small businesses on Tide (c. 11%)
• 650,000 members in the UK and 350,000 in India
• 1,800 employees globally, mostly in the UK, India, Bulgaria and Serbia

Oliver Prill, CEO of Tide, said: “To have one million members globally using the Tide app to run their small business is a tremendous milestone. It reflects our mission to help SMEs thrive, by saving them time and money in their finance and admin.

“It’s a testament to the extraordinary hard work and ambition of our teams. The growth of our member base, since launching in the UK in 2017, shows how far we have come as a company in product, skill and geographic depth and scale. We will continue to focus on an experience that caters to the needs of time-poor and admin-heavy small business owners, and deliver a diversified product as we grow globally.”

Internationalisation: Tide launches in Germany

Germany represents a major opportunity for Tide as Europe’s largest economy. The expansion into the first EU market, reflects Tide’s long-term ambition to become a leading global platform for SMEs.

Senior hires: widening the Executive for expansion

Tide has made a number of notable senior appointments this year:

• Tide appointed George Schmidt, who has been leading the growth function at Tide since 2018, as CEO UK/Europe. He will join Tide CEO, India Gurjodhpal Singh as the second Regional CEO reporting to Tide CEO Oliver Prill.
• Tide also promoted Rebecca Marriot to Chief Risk Officer. Rebecca was Tide’s SVP of Risk and Compliance since 2018 and she will provide global oversight as Tide expands.
• Anna Fromme-Schoen has been appointed as Managing Director of Tide in Germany. Based in Berlin, Anna is working with a growing team to establish and expand Tide’s presence in Germany. Anna joined Tide from PayPal Germany.

Ongoing commitment to Net Zero

SMEs play a crucial role in the global effort to reduce carbon emissions. Earlier this year, Tide partnered with Connect Earth to introduce products, features and content to help UK SMEs in their journey to achieving Net Zero.

Women in Business: championing female-led businesses

• UK: In February, Tide launched its first Female Business Owners Index looking into the main issues impacting female-led small businesses. This was part of Tide’s commitment to help 200,000 women launch new UK businesses by 2027.
• India: In April, Tide also launched its first Bharat Women Aspiration Index (BWAI) to highlight the experiences of women entrepreneurs in India’s tier II and beyond cities. Tide is planning to onboard 500,000 women-led businesses in India by 2027.

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Rainforest helps software platforms grow revenue by embedding payments into their products, without introducing any risk or compliance complexities. The company has achieved a stronghold amongst software companies processing $50 million – $2 billion in annual payments, a previously underserved segment. Rainforest provides a data-driven customized risk model for each platform, creating vertical-specific merchant scoring and precise fraud monitoring.

Since Rainforest’s seed round last year, the company grew its payment volume by 17x. It has signed dozens of platforms representing billions in processing volume across a variety of industries, including trucking and logistics, healthcare, specialty retail, professional services, field services, donation management, and more. The company has also advanced its product in ways that help software platforms grow payments revenue and reduce fraud.

• Streamlined merchant onboarding, including becoming one of the few PayFacs to enable Plaid bank verification and self-service options
• Added support for Apple Pay, reducing checkout friction and growing platforms’ payment volume
• Reduced fraud through implementation of 3DS
• Optimized interchange passthrough fees to help platforms save upwards of 20-30 basis points
• Certified for Visa SMB rates which enables qualified merchants to save up to 10-25 basis points

The overall payments landscape is quickly evolving

According to UBS, SMBs account for 25-30% of U.S. payment volume but 65-70% of net revenues. The portion of SMB merchant acquiring revenue processed through horizontal and vertical SaaS platforms is expected to increase from 24% of total merchant acquiring revenue in 2022 to 33% by 2027, as SMBs move away from traditional processors. Financial services embedded into e-commerce and other software platforms accounted for $2.6 trillion of total U.S. financial transactions in 2021, and by 2026 it’s expected to surpass $7 trillion. This represents a growing opportunity for SaaS platforms to capture SMB payment processing revenue.

SaaS platforms rely on payment providers to increase sales and satisfy consumer demand via secure, embedded payment processing. To date, incumbent providers haven’t served these platforms well for two primary reasons. One, they reserve higher-touch support for larger enterprise software platforms, leaving mid-market platforms hugely vulnerable with low support DIY models. Two, many incumbent providers started as direct merchant acquirers and later retrofitted their offerings for software platforms, meaning that core functions including merchant onboarding, reporting, and reconciliation were not optimized for platform use cases. This tacked-on tech model creates customer support nightmares with a snowball effect that impacts both the platforms themselves and the SMBs that rely on them.

“Historically, Stripe excelled at helping startups take their very first payment – but they’ve very publicly shifted their focus to large enterprises, leaving mid-market platforms to choose between a DIY Stripe solution built for early stage startups or cobbled-together solutions from a bevy of upstarts. These mid-market platforms tell us that, prior to Rainforest, it was impossible to find a payment provider that offers a full package of modern technology, platform-friendly commercials, and high-touch support,” said Joshua Silver, founder and CEO of Rainforest. “With Rainforest, software companies don’t have to sacrifice or choose between robust technology, excellent support, and attractive contract terms. By providing embedded payments via white glove service that’s risk-adjusted and customized for software platforms, we’re empowering more companies to focus on what they do best: building software that improves economies and experiences for everyone.”

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The need for cross-border payments has increased due to globalization, growth in global e-commerce, migration and record levels of worker remittance payments. According to the IRA, e-commerce cross-border purchases outside Brazil have grown by 150% in the last five years. Pix, an instant payment platform created and managed by the Central Bank of Brazil, enables users to make payments and transfers easily. This popular payment method is responsible for moving more than R$17.18 trillion in 2023, according to data from the Brazilian Federation of Banks (Febraban), and transactions continue to increase.

The multilingual platform, offered in English, Spanish and Portuguese, allows Brazilians to make purchases abroad from registered establishments within D+1. Pix allows the registered retailer to generate a scannable QR code that customers use to pay. Pix is available in Argentina, Chile, Paraguay, Uruguay and the United States and will soon expand to Colombia and Panama.

Cross-border e-commerce is complex, requiring coordination and cooperation between companies, transportation providers, governments and consumers. Rendimento/pay pioneered Rendix at the end of 2022 to meet the need for a robust and secure cross-border payment solution.

“Rendix users enjoy the convenience and security of making instant payments without needing cash or a credit card and immediately know the amount they will pay. The technology offers lower tax fees and spread on purchases, increasing savings for the end consumer,” explains Goni.

APIs connect the Rendix platforms used in the Pix process. They offer scalable, modern and robust integration, allowing institutions and consumers a standardized and secure way to share data and explore new functionalities, such as initiating payments.

“Rendix is a terrific example of an API platform raising the level of user experience and opening doors to innovation. Rendimento/pay takes the convenience and security of Pix outside of Brazil, providing a unified experience for its customers and demonstrating how a Banking as a Service (BaaS) provider with a well-established API strategy can create solutions at the forefront of technology,” says Filipe Torqueto, Sensedia’s head of solutions.

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• 83% of B2B buyers will abandon an e-commerce purchase if no payment terms are offered
• 79% of buyers say access to payment terms is critical for the success of their business in 2024
• 86% of buyers agree that access to payment terms is an important consideration when choosing a supplier
• Payment terms among top 3 most important things B2B buyers look for when choosing a supplier

Hokodo has released a report that explores the habits and e-commerce expectations of business buyers. 

The report found that payment terms are a non-negotiable requirement for more than 8 out of 10 B2B buyers, as a staggering 83% of respondents said that they will abandon an e-commerce purchase if no payment terms are offered at checkout. This shows that merchants and marketplaces that are failing to offer payment terms are missing out on swathes of potential buyers. However, the report identifies three barriers that may prevent B2B merchants and marketplaces from offering trade credit. 

Firstly, offering trade credit online can be a risk as the anonymity and scale of e-commerce means that it can be challenging to determine which buyers can be trusted to stick to their payment terms. Secondly, offering trade credit online can be complex – from credit scoring and fraud detection to payment processing, insurance and collections, offering trade credit comes with a lot of moving parts. Thirdly, trade credit can put pressure on cash flow when merchants are offering it off their own balance sheet. 

However, it’s essential that B2B merchants and marketplaces find a solution to overcome these challenges in order to retain customers and entice new ones. 86% of buyers surveyed agree that access to payment terms is an important consideration when choosing a vendor or supplier. In fact, access to payment terms was placed in the top 3 most important things B2B buyers look for when choosing a supplier, alongside quality of product and delivery speed. 

Alongside original data points and analysis, the report makes a number of recommendations that B2B sellers can implement in order to improve their checkout and user experience, to reduce the number of customers being lost due to an inadequate offering. 

Louis Carbonnier, Co-founder and President of Hokodo said:

“B2B merchants and marketplaces are struggling to deliver the e-commerce experience that buyers expect. The findings of our report highlight the challenges faced by e-commerce buyers, and provide sellers with essential guidance needed to improve their service. 79% of buyers said that payment terms are critical for the success of their business this year, so this isn’t something that sellers can afford to ignore. It’s never been more crucial to provide seamless digital experiences in B2B.”

About The Definitive Guide to B2B E-commerce Buyer Demands in 2024 Report

The survey was carried out by Hokodo, the B2B eCommerce Association, OroCommerce and Greenwood Consulting in January and February 2024. 

The report features data collected from a survey of 500 buyers from businesses in a variety of industries across the UK and the EU. Those surveyed include purchase managers, procurement managers, resource managers and buyers, as well as leadership figures including directors, owners and C-suite executives. 

Participants answered 22 questions about their procurement habits and their feelings towards B2B e-commerce practices, with a significant focus on the checkout and payment experience. Questions were grouped into four categories:

• Online vs offline procurement habits
• Payment terms
• The checkout experience
• Future expectations

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Optty CEO Natasha Zurnamer welcomed Marie-Elise Droga, a global Payments and Customer Data Analytics expert, to the board of directors and e-commerce innovator Steve Ritchie as EVP and Chief Product and Information Officer. “We are thrilled to attract exceptional talent as Optty accelerates its vision of simplifying payment experiences for merchants and consumers through our breakthrough technology. Droga’s and Ritchie’s expertise is pivotal to our journey and to extending our product offerings and global presence, “she said.

Optty is a global payment powerhouse with integration connections to over 750 unique payment types, making it a world leader in offering the most cost-effective payment types, brands, countries, and currencies.

Droga said, “I am delighted to join the board of this innovative and visionary company and to be a part of the mission to revolutionize the payments industry. Optty is creating a secure, sophisticated, and user-friendly payment ecosystem that uses intentional design and technology to benefit all stakeholders in the transaction process”. Droga is currently the Chief Commercial Officer of Consumer Edge, previously held several senior leadership roles at Western Union, and recently served as SVP and Head of Global Fintech Partnerships at Visa.

Emphasizing Optty’s groundbreaking approach, Ritchie said, “Optty’s mission is to be the game changer in payments conversion by offering a wide choice of payments. By prioritizing efficiency, simplicity, speed, and global scalability, Optty takes the complexity out of providing merchants with a solid foundation in technology that is deployable in real time”.

Zurnamer, also the Founder of Optty, said, “The payment brand offering is no longer the merchant’s choice; it is in the hands of the consumer. Payment integration amnesia for merchants is solved with Optty offering more pay methods, critical to loyalty and sales conversions. We are setting the standards and leading the pace across the industry, enabling our partners to be at the forefront.

“Our comprehensive, cost-effective, and innovative solutions are a game-changer for merchants and consumers worldwide. Our interface is meticulously designed and saves merchants thousands in integration costs and payments management while addressing the dynamic nature of emerging and innovating payment methods and supporting global expansion”, she added.

Optty has gained significant adoption from PSPs, gateways, schemes, and banks who have chosen to white-label Optty’s platform. The appeal lies in Optty’s ability to integrate and maintain emerging payment brands regardless of the complexity. Optty’s unique integration approach does not touch the funds’ flow but enables immediate and secure settlement, setting Optty apart from more established payment orchestrators.

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Founded by experienced tech entrepreneurs Juan Pablo Ortega and Julián Núñez, Yuno offers its clients fast and reliable payments orchestration, helping revolutionize retail, e-commerce, travel, mobility, and other industries. Yuno already serves customers like McDonald’s, Avianca, inDrive, Rappi, and others across 40 countries, offering innovative features such as one-click checkout modifications, smart routing, and the integration of information from all payment processors and anti-fraud tools into a unified interface.
Funds raised in this Series A round will help further strengthen Yuno’s operations in North and South America and enter new markets in Europe, Asia, and Africa. This should benefit Yuno’s customers, who already value the company’s innovative approach to integrating diverse payment methods, which is fueling their own growth by providing easy-to-use, reliable, and tailored solutions for different geographies.
Juan Pablo Ortega, CEO and Co-founder at Yuno, commented: “This financial backing validates our vision and our ability to take the global payments industry into the future, helping fuel positive change across many different sectors of the economy. We are thrilled to bring our cutting-edge solutions to new markets.”
Julián Núñez, Co-founder at Yuno, added: ”Yuno is already successfully facilitating financial transactions in over 40 countries, highlighting our versatility and adaptability in meeting the diverse demands of the global market. This latest round of funding will play a pivotal role in advancing Yuno’s technological infrastructure, expanding our team of exceptional professionals, and crafting innovative market strategies to strengthen our presence across different geographies.”
“We’re happy to be supporting Yuno in the next phase of its growth,” said Saurabh Gupta, managing partner at DST Global. “We’re impressed by the entrepreneurial track record of its founders, the strong team and customer base they’ve built, and the company’s proven ability to keep innovating in online payments.”

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“The continual acknowledgment from G2 reinforces Sumsub’s position as a highly effective and user-friendly full-lifecycle verification platform, which successfully operates globally offering various features for user onboarding, compliance and fraud prevention. It is a remarkable milestone for Sumsub to be named a Leader in 10 market categories, all based on verified customer reviews. We appreciate the recognition from our clients and users, and we are determined to continue putting maximum effort to stand up to the high assessment we’ve received”, says Vyacheslav Zholudev, co-founder and CTO of Sumsub.

G2 is a globally recognized software marketplace providing valuable business insights into technology solutions and products across over a thousand categories, offering regularly updated rankings, reports and analytics – all supported by verified peer reviews. Notably, only 3% of software products and services listed on G2 this winter received a Leader badge.

Here are some recent G2 customer and user reviews for Sumsub:

“It’s the easiest platform to use to prevent fraud in terms of documents. And helps verify if the identity of people is legit to prevent fraudsters and detect fraudulent activity before it happens. It also has the best customer service which is instant to what we need.” – Berry Mutale Nicole M. (Mid-Market, 50-1000 emp.)

“The upsides of using Sumsub are numerous. First, their advanced technology, leveraging AI algorithms and machine learning, ensures accurate and reliable identity verification. This has significantly reduced our manual efforts and streamlined our customer onboarding processes. Secondly, Sumsub’s compliance features, including AML and KYC checks, have helped us maintain regulatory compliance effortlessly. The platform conducts checks against global watchlists and databases, providing peace of mind. Sumsub’s user-friendly interface, customisable workflows, and ongoing monitoring capabilities have been immensely valuable in enhancing our operational efficiency. Combining these benefits makes Sumsub an invaluable tool for organisations seeking a reliable and efficient identity verification solution.” – Artem A., IT Product Manager (Mid-Market, 50-1000 emp.)

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