[UK] Tide acquires Onfolk payroll solution

Tide - a UK business financial platform - has announced the acquisition of Onfolk, a UK SME payroll solution, with integrations for accounting, pensions and people systems, Financial IT reports.

More than one in 10 (11 per cent) small businesses in the UK now use the Tide app. After the acquisition, Onfolk will be integrated into the Tide app and become Tide Payroll. The move strengthens Tide’s admin proposition for small businesses

Tide Payroll will reportedly seamlessly connect with Tide’s flagship finance and admin solutions, including invoice generation, payment services and expense cards to save members time and money.

Onfolk is an HMRC-recognised payroll software integrated with pension providers and accounting providers. It generates payslips with intuitive explanations for each item for payroll administrators and payees. 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 continue using the Onfolk platform.

The Onfolk team will reportedly join Tide and lead Tide Payroll, as part of the acquisition. Onfolk was founded by Michael Colley, Naz Malik and Charlie Thomas in 2020, and backed by Silicon Valley’s Y Combinator in 2021.

Onfolk is Tide’s second acquisition following the purchase of Funding Options in early 2023. The company says this latest move will help support it to diversify and ultimately help drive member and revenue growth in the UK and globally.

Oliver Prill - CEO of Tide - said, “Payroll is a significant part of running any successful small business and we want to help our members simplify that process. Once again, Tide is making an admin-heavy process simple for small business owners by connecting it seamlessly with the myriad of disjointed finance and admin tasks. As a result, small businesses can increasingly run their business almost entirely from a single intuitive app.

“M&A is a key part of Tide’s growth strategy, and we are delighted to welcome the Onfolk team to Tide. Their expertise will accelerate our product roadmap, and support our diversification strategy.”

Michael Colley and Naz Malik - co-founders of Onfolk - said, “We’re very excited about Onfolk becoming part of Tide, a leader in supporting small businesses. We’re fully aligned with their mission to save business owners time and money, and we see this as an incredible opportunity to make payroll even more accessible to businesses around the world. As part of Tide, we’ll help businesses spend less time on admin and more time focusing on what they do best, leading and growing their business.”

Tide has stated that it will consider further acquisitions to accelerate growth and broaden its service and product offering to members as it continues to expand. Earlier this month, Tide reportedly passed one million members globally; including 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 already begun rolling out its product proposition. 

Source: Financial IT

(Quotes via original reporting)

Tide - a UK business financial platform - has announced the acquisition of Onfolk, a UK SME payroll solution, with integrations for accounting, pensions and people systems, Financial IT reports.

More than one in 10 (11 per cent) small businesses in the UK now use the Tide app. After the acquisition, Onfolk will be integrated into the Tide app and become Tide Payroll. The move strengthens Tide’s admin proposition for small businesses

Tide Payroll will reportedly seamlessly connect with Tide’s flagship finance and admin solutions, including invoice generation, payment services and expense cards to save members time and money.

Onfolk is an HMRC-recognised payroll software integrated with pension providers and accounting providers. It generates payslips with intuitive explanations for each item for payroll administrators and payees. 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 continue using the Onfolk platform.

The Onfolk team will reportedly join Tide and lead Tide Payroll, as part of the acquisition. Onfolk was founded by Michael Colley, Naz Malik and Charlie Thomas in 2020, and backed by Silicon Valley’s Y Combinator in 2021.

Onfolk is Tide’s second acquisition following the purchase of Funding Options in early 2023. The company says this latest move will help support it to diversify and ultimately help drive member and revenue growth in the UK and globally.

Oliver Prill - CEO of Tide - said, “Payroll is a significant part of running any successful small business and we want to help our members simplify that process. Once again, Tide is making an admin-heavy process simple for small business owners by connecting it seamlessly with the myriad of disjointed finance and admin tasks. As a result, small businesses can increasingly run their business almost entirely from a single intuitive app.

“M&A is a key part of Tide’s growth strategy, and we are delighted to welcome the Onfolk team to Tide. Their expertise will accelerate our product roadmap, and support our diversification strategy.”

Michael Colley and Naz Malik - co-founders of Onfolk - said, “We’re very excited about Onfolk becoming part of Tide, a leader in supporting small businesses. We’re fully aligned with their mission to save business owners time and money, and we see this as an incredible opportunity to make payroll even more accessible to businesses around the world. As part of Tide, we’ll help businesses spend less time on admin and more time focusing on what they do best, leading and growing their business.”

Tide has stated that it will consider further acquisitions to accelerate growth and broaden its service and product offering to members as it continues to expand. Earlier this month, Tide reportedly passed one million members globally; including 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 already begun rolling out its product proposition. 

Source: Financial IT

(Quotes via original reporting)