Tide to enable small businesses to optimize cash flow with an analytics tool
Tide, the UK’s leading corporate finance platform will launch Cashflow Insights this month to help small business owners optimize their cash flow, mitigate late payments, improve their credit rating, and get credit product recommendations that are right for their business.
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Cashflow Insights will help business owners improve their cash flow by providing fast, easy-to-digest information and forecasts on how their business is doing and by recommending actions to take before any potential shortages occur. The product will also help business owners access the right kind of products to maintain stable cash flow, such as direct debits for invoices, as well as credit products that are right for their business, that they need. grow or stay afloat.
Cashflow Insights will first be made available to existing Tide members, using their account data to predict what their balance will look like over the next 30 days. The product will then use Open Banking technology to launch to non-Tide members in the coming months. Through Open Banking, Tide will be able, with the permission of the business owner, to access the transaction history of other financial solutions to provide an accurate forecast.
The product will have three key aspects:
- Company health check – understand the financial situation of the company, with a view of all outgoing and incoming payments, as well as see the likelihood of paying invoices on time.
- Stay in control of your finances – see the forecast of what cash flow will look like over the next 30 days, receive a list of actions that could be taken to improve the health of the cash flow.
- Hassle-free access to finance – view credit products from Tide and our partners for which the company is eligible. Credit checks with Tide and our partners mean the member will only see the products they are eligible for to make the application process quick and easy.
Cashflow Insights will initially be free to Tide members and non-members.
Amit Kahana, Vice President of Credit Services at Tide said: “We are very excited to bring Cashflow Insights to the Tide platform, providing crucial insight into a business, enabling the business owner to understand their financial situation on the go and how to avoid any potential shortfall.
“With many small businesses getting back on their feet after a long period of deadlock, it’s important for business owners to focus their efforts in the right direction and not waste time on financial administration. Cashflow Insights will help business owners track their finances and get the job done to identify the credit solutions that are right for them.
Tide has grown its network of credit partners, with the goal of providing unprecedented access to debt and equity for small businesses, as outlined in ClearBank and Tide’s public commitments to the Alternative Remedies E fund pool. .
Currently, Tide has the following credit partners, with more to come:
- Clearbanc (renamed Clearco)
- Not capped
- Start-up loans (subsidiary of the British Business Bank)
- Ultimate finance
- Bibby Financial Services
Oliver Prill, CEO of Tide, said: “Cashflow Insights is a key product in Tide’s evolution from a business banking provider to a global enterprise financial platform, helping small business owners to manage all of their financial administration in one place.
“We are particularly excited about how Open Banking will allow Tide to offer this product to non-Tide members as well as our existing members. This will be one of the first examples of Tide using Open Banking technology to access information from other financial institutions to provide a valuable service to business owners without a Tide account.
The Essential Guide to Managing Small Business Cash Flow