Tide partners with Mastercard to become a principal issuer

Tide, a non-bank commercial card issuer and payment services provider headquartered in London, has announced the start of a multi-year strategic partnership with Mastercard to enhance its SME banking services. As part of the agreement, Tide is becoming a principal Mastercard issuer and will now settle funds directly with the card giant.

The two firms also plan to add card functionality and payments features onto the Tide platform for UK small businesses.

Tide was incorporated in 2015 and outside London has offices in Bulgaria and India. It offers businesses accounts and administrative solutions which can be integrated with business accounting systems. The company, which received $54 million in October last year in Series B funding, is an FCA-authorised credit broker according to its website.