Tide, the UK business banking fintech, has had to freeze its lending services after telling customers that its anticipated funding has fallen through. CEO, Oliver Prill, published an open letter on 8 June. He revealed that the fintech has been trying to secure funding over the last month from “a number of financial institutions”. Tide is “in conversation” with its contacts at HM Treasury The intention was to use the funding to lend to more businesses on its waiting list for a Bounce Back Loans Scheme (BBLS) grant. BBLS The grant allows small and medium-sized businesses (SMBs) to borrow between…
Tide freezes lending after funding falls through
Tide freezes lending after funding falls through
