Tide Needs More Money for Bounce Back Loans

Tide is reportedly in discussions for a new funding round totaling hundreds of millions of pounds according to reporting from AltFi; CEO Oliver Prill noted that while the Bounce Back loans are backed by the UK government, they aren’t funded by the government; Tide needs the funds in order to lend out more under the scheme; Starling, one of their competitors has the benefit of holding a banking license which allows it to lend out customer deposits; for now Tide is telling members on the waiting list that they can’t guarantee they will be able to fulfill all loans from eligible businesses; businesses should also consider other options outside of Tide. Altfi

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