Tide acquires SME payroll fintech Onfolk
UK-based business banking platform Tide has acquired Onfolk, a payroll solutions provider for small and medium-sized enterprises (SMEs), for an undisclosed sum.
Onfolk will be integrated into the Tide app as ‘Tide Payroll’
Founded in 2020 and headquartered in London, Onfolk offers an HMRC-recognised payroll software solution with features including payslip generation, tax code automation, and storage of payroll documentation.
Following the acquisition, Onfolk will be integrated into the Tide app as ‘Tide Payroll’, with the Onfolk team joining Tide to lead the new payroll division.
Tide states existing Onfolk customers will be able to keep using the Onfolk platform.
Onfolk marks Tide’s second acquisition following its 2023 purchase of Funding Options, a UK marketplace for small business finance, for an undisclosed amount.
In a statement announcing the deal, Tide states that as the company continues to expand, “it will consider further acquisitions to accelerate growth and broaden its service and product offering to members”.
With a focus on finance and admin solutions like invoice generation, expense cards, and payment services, Tide boasts over one million global members and claims that more than 10% of UK SMEs use its app.
In March, the company named George Schmidt as its new regional CEO for the UK and Europe. His initial mandate was to lead the firm’s expansion into Germany, which began in May when the company started rolling out its product proposition in the country.
