Tide, a London, UK-based business financial platform, acquired Onfolk, a UK SME payroll solution, with integrations for accounting, pensions and people systems.
The amount of the deal was not disclosed.
The move strengthens Tide’s admin proposition for small businesses. After the acquisition, Onfolk will be integrated into the Tide app and become Tide Payroll. The acquisition provides a key service for Tide’s 650,000 customers to further run their businesses from the app. Tide Payroll will connect with Tide’s flagship finance and admin solutions, including invoice generation, payment services and expense cards to save members time and money.
Led by Michael Colley and Naz Malik, Onfolk is an HMRC-recognised payroll software integrated with pension providers and accounting providers. For payroll administrators and payees, it generates payslips with intuitive explanations for each item. Other features include the automation of tax code notices and pension allocations, storage of payroll documents, with connectivity between payroll and accounting. Onfolk’s existing customers will be able to keep using the Onfolk platform.
As part of the acquisition, the Onfolk team will join Tide and lead Tide Payroll. Onfolk was founded by Michael Colley, Naz Malik and Charlie Thomas in 2020, and was backed by Silicon Valley’s Y Combinator in 2021.
Onfolk is Tide’s second acquisition following the purchase of Funding Options in early 2023.
Founded in 2015 and launched in 2017 and led by Oliver Prill, CEO, Tide is a business financial platform that helps SMEs save time and money in the running of their businesses by offering business accounts and related banking services, as well as a comprehensive set of connected administrative solutions from invoicing to accounting.
As the company continues to expand, it will consider further acquisitions to accelerate growth and broaden its service and product offering to members. Earlier this month, Tide passed one million members globally, which includes 650,000 members in the UK, and 350,000 in India, where it launched in December 2022. The company entered the German market in May, where it has started to roll out its product proposition.
Tide is backed by Anthemis, Apax Partners, Augmentum Fintech, Creandum, Salica Investments, Jigsaw, Latitude, LocalGlobe, SBI Group and Speedinvest, amongst others. It employs around 2,000 people worldwide.
FinSMEs
22/10/2024