FinTech Alliance company Funding Options has been acquired by SME banking provider Tide.
In Brief:
Tide bought the lending marketplace in what AltFi reported on as a “surprise takeover”.
Tide already has a business loan marketplace which it can now merge with the Funding Options platform.
This will add 475,000 credit options for its SME customers.
What does this mean?
The plan is to keep Funding Options as a standalone brand and retain its CEO Simon Cureton, who will now look after Tide’s credit marketplace too. AltFi reports that Funding Options has been seeking to diversity into new fields but this has proved difficult and it’s now made the decision to end its standalone business.
