Zoopla founder Alex Chesterman is among investors who are backing new mobile banking start-up Tide to the tune of £1.5m.
Other pre-launch founders include Errol Damelin, who is former boss of Wonga and a backer of Purplebricks.
Tide is intended to be a mobile banking app with no physical branches. It is not a bank in itself but a middle man between small businesses and the big banks.
It will allow customers to set up a business current account in less than three minutes – a process which can, and often does, take weeks.
It also promises no set-up, monthly or annual fees. Instead, small business customers are charged 20p per transaction.
Tide is currently running a trial with 200 businesses and will launch in the autumn.
‘It will allow customers to set up a business current account in less than three minutes ‘ – MONEY LAUNDERING klaxon.
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I lost any professional/personal interest in this story the moment I read the word “Wonga”.
As Peter Jones would say…. “I’m out.”
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Ideal for ambitious self employed passive intermediary listers, they can be be set up, trained to expert level and listing property and banking listing fees within hours.
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