“Three challenger banks [Metro Bank, Starling Bank and ClearBank] have been awarded a combined £280m from an RBS fund designed to boost business banking competition.

ClearBank, through its partnership with business banking provider Tide, said it would “revolutionise” the SME market.

Chief executive Charles McManus said: “Our partnership with Tide will provide the SME banking market with an innovative and compelling customer proposition, using our highly agile technology.”

Tide Chief Executive Oliver Prill said: “We can start work today. Tide is already the fastest growing business banking service provider in the UK.

The funding will help Tide accelerate its strategy to capture a significant share of the market, and we plan to match this with further investment of our own.”

 

Read full article on City A.M.

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