Tide to Roll Out Tide Credit Flex After Successful Pilot

Tide, the UK’s leading business financial platform, has today, announced that the availability of its convenience credit product, Tide Credit Flex has been expanded to become a feature product available to all eligible members^[1].

Credit Flex is a short-term loan facility integrated into the Tide app to help members with their short-term cash flow needs. Eligible Tide members are pre-approved and can immediately access up to £5,000 in credit. Individual loans have a four-month term, and an interest rate of 3.3% per month. At the time of a new payment, Tide members can use Credit Flex to spread the cost into smaller monthly payments to avoid a balance dip. For previous payments, members can get an instant cash boost by using Credit Flex to pay back over several months. 

Tide made Credit Flex available to around 5,000 members in late 2023 where it proved to be hugely popular. Earlier this year, Tide secured a £100 million securitization debt facility from Fasanara Capital Ltd, a London-based investment manager to enable Tide to make Credit Flex available to all UK members.

Oliver Prill, Tide CEO, said: “As one of the UK’s leading SME lending intermediaries, we work with more than 120 lenders to enable strategic funding solutions. Additionally, we provide a mechanism (“Tide Credit Flex”) which seeks to make it easier for small businesses to spread the cost of bank transfers into smaller monthly payments to avoid a balance dip. We know flexible, short-term working capital is critical to the success of small businesses where managing cash flow is a constant challenge. With the new Fasanara facility, we are able to extend the Credit Flex mechanism in a way that we believe will benefit more of our members, improving the efficiency and responsiveness of our service provision.”