Tide has announced plans to buy Funding Options, the business finance marketplace.

The business financial platform said that the acquisition will give its 475,000 customers access to more credit options.

The company added that its customers, which it says make up over eight per cent of the UK SME market share, will have access to Funding Options’ 120 lender partners.

Tide said that the buyout, which is subject to approval from the FCA, will create a "huge new marketplace" for UK SME credit.

“Easy access to funding is essential to support the growth of the UK’s small businesses, especially in these challenging times,” said Oliver Prill, chief executive, Tide. “So we are delighted that Funding Options is joining Tide. Like Tide, they are focused on helping small businesses save time and money.”

Funding Options will operate as a separate brand within Tide.

"As we look to expand in the UK and globally, we will consider further acquisitions to accelerate our growth and add to the services and products we offer our members," said Simon Cureton, chief executive, Funding Options.

Cureton continued: “Funding Options has always been a champion of UK SMEs, which is why I am delighted to be joining forces with Tide to accelerate our joint ambitions to equip more entrepreneurs and business leaders with the tools and services they need at this critical time."

The move comes after Tide and account and enterprise software firm Sage teamed up to launch an end-to-end accounting and tax solution for small business customers.

Tide Accounting is now offered to Tide members for automated accounting and bookkeeping services integrated with their business bank account. The solution will help these businesses to stay compliant and avoid penalties.

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