Tide Commits to Helping 200,000 Women Launch New Businesses By 2027

2023-06-14 14:24

LONDON--(BUSINESS WIRE)--Jun 14, 2023--

Tide, the leading business financial platform, has announced it will help 200,000 female-led businesses start out by the end of 2027. It is the first fintech to support female-led SMEs on this scale.

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Atinuke Awe is the CEO and founder of Five X More, Mums Tea and Learning with Ez. (Photo: Business Wire)

The commitment is part of Tide's efforts to promote gender equality and remove barriers to female entrepreneurship. The move builds on an earlier milestone, when Tide announced it had onboarded 100,000 female-led businesses - 10 months ahead of its 2023 end-of-year target 1.

Women in Business content series

Female-led businesses make up just a fifth (20%) of all new businesses in the UK 2. To address this and other challenges, Tide is launching a Women in Business content series to inspire, inform and champion female Tide members.

Tide members will be directed to Mastercard's Strive UK programme. Strive UK includes free access to training and targeted advice to tackle business challenges such as creating a social media strategy, setting up an online shop or accepting online payments.

A recent survey of 2,000 Tide members 3 showed that more than half (53%) of women in the UK find it challenging to start their own business. They cited a lack of mentors, operational knowledge, and self-confidence as some of the most significant barriers. The survey showed business mentoring and learning and development are areas where female business owners need support.

Heather Cobb, SVP Member Engagement at Tide, said: “Having listened to our members, we know the struggles they face when starting and running a business and we want to make that process as easy as possible. A mere 5.6% of women in the UK run their own business 4 - much lower than developed economies such as Canada (15%) and the US (11%). Today’s commitment is just the beginning of our journey to improve gender equality in entrepreneurship and we look forward to working with Mastercard and others to achieve this goal.”

Kelly Devine, President, UK&I at Mastercard said: “There’s so much we can do to support women entrepreneurs if we work together. Entrepreneurs told us that they often don’t know where to look for credible support services, so it’s great that Tide is helping women find support, inspiration and information that will help them start and grow a business.”

Fuelling growth with Mastercard’s Strive UK programme

Mastercard’s Strive UK programme, an initiative of the Mastercard Centre for Inclusive Growth, focuses on helping small businesses with digital skills, especially those led by women and ethnic-minority owners.

Through Strive UK, Tide members can:

Build a personalised business action plan with Enterprise Nation’s Make a Plan tool.
Connect with experts in strategy, marketing, technology, finance and more for 1:1 or small-group business mentoring through Digital Boost.
Access their very own board of experienced business people for 12 months, connect with a mentor, or get free technology advice through Be the Business.

A community for female business owners

Tide’s Women in Business content series will spotlight lessons from running innovative businesses, helping the community of female Tide members supercharge their ventures. One such member is serial entrepreneur and social advocate Atinuke Awe (Tinuke ), who recently hosted a masterclass on ‘Accessing Alternative Finance’. Tinuke is the founder of Mums and Tea (social platform for Mums), Learning with Ez (diverse educational resources) and co-founder of Five X More CIC, an organisation committed to changing Black maternal outcomes in the UK.

Tide also has a growing member base in India, following the launch of its product in December 2022. Tide has set a target of supporting 500,000 women-led businesses to start out by the end of 2027. To achieve this, it recently launched the Sarthika web portal, an initiative to help female business owners navigate the delivery of India’s government assistance schemes.

For more information:
tide@secnewgate.co.uk

ENDs

Notes to editors:

1 Based on an average sample survey of Tide members.
2,4 The Rose Review 2023
3 The Tide member survey was conducted between 3 and 7 February 2023, with 1,961 total respondents

View source version on businesswire.com:https://www.businesswire.com/news/home/20230613944609/en/

CONTACT: For more information:

tide@secnewgate.co.uk

KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEYWORD: BANKING TECHNOLOGY ELECTRONIC COMMERCE PROFESSIONAL SERVICES SMALL BUSINESS PAYMENTS CONSUMER TRAINING BUSINESS SOFTWARE START-UP EDUCATION INTERNET WOMEN FINANCE CONSULTING FINTECH

SOURCE: Tide

PUB: 06/14/2023 02:00 AM/DISC: 06/14/2023 02:00 AM

http://www.businesswire.com/news/home/20230613944609/en