PayPoint, the payment technology company, announced news on Thursday (June 28) that it inked a partnership with U.K. challenger bank Tide in which customers will be able to deposit cash into a Tide account at any of PayPoint’s 29,000 retailers nationwide.
In a press release, PayPoint said the deal gives the digital bank access to a network that is larger than all the banks, post offices and supermarkets combined. Tide, which went live in January 2017, is focused exclusively on small businesses. The integration with PayPoint’s deposit service means Tide customers can have more control over when and where they add funds to their bank accounts.
“The partnership with Tide is significant as it offers its digital-only customers more choice and flexibility. With 99% of the U.K. population living within one mile of a PayPoint store in urban and five miles in rural areas, our network of stores is a convenient solution, no matter where in the U.K. they are. The partnership further underlines the important role that convenience retailers continue to play in providing vital services to their local communities,” said Lewis Alcraft, commercial director at PayPoint, in the press release.
Meanwhile, George Bevis, chief executive of Tide, said small businesses need to allocate less time to banking and, as a result, is constantly looking at ways to improve the banking experience.
“For a digital-only bank, the extensive network of physical locations we can now access thanks to PayPoint’s network is hugely exciting,” he said in the same press release.
As of March, Tide employs nearly 100 people and is seeking to expand internationally. The company also recently announced it received approval from the U.K. Financial Conduct Authority to operate as an electronic money institution, enabling it to run its own banking infrastructure.
Tide launched last year following a $2 million seed funding round. The company focuses on entrepreneurs and small businesses, vowing to save these professionals time by enabling them to open a bank account in only a few minutes. It currently offers a range of enterprise services, including automated bookkeeping, invoice management and payment preparation.