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ClearBank, Tide partner to grant GBP 25 mln to SMEs

Wednesday 23 September 2020 14:12 CET | News

Cloud-native clearing bank ClearBank and UK-based business banking platform Tide have been awarded GBP 25 million to help UK-based SMEs grow after the coronavirus pandemic.

The funding will be used to provide financial support and products to help SMEs address the challenges they will face in the post-coronavirus and post-Brexit economic environment and to seize on the opportunities that come out of it. ClearBank and Tide will provide support to SMEs in the current challenging environment and help them to capitalise on the Government’s ‘levelling up’ agenda. The pair will help SMEs meet the accelerated demand for digital services and enable them to become more sustainable, according to the official press release. 

The grant will enable both businesses to establish initiatives aimed at tackling barriers to competition in business banking and give SMEs the tools to turn crisis into opportunity. These include:
  • Leveraging Open Banking to remove friction;
  • Improving funding opportunities with access to debt and equity;
  • Help SMEs become more digital, supporting digital payments and business development.

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Keywords: ClearBank, Tide, SMEs, UK, United Kingdom, grant, award, clearing bank, business banking platform, coronavirus, pandemic, financial support, Brexit, government, digital services, open banking, funding, debt, equity, digital payments, business development
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech