In a bold move aimed at enhancing administrative offerings for small businesses in the UK, business banking platform Tide has announced the acquisition of Onfolk, a UK-based SME payroll solution. This acquisition is expected to significantly streamline payroll processes for Tide’s extensive customer base, which includes over 650,000 small enterprises in the UK alone. By integrating Onfolk’s advanced payroll functionalities into its app, Tide aims to offer a unified platform where business owners can effortlessly manage both their financial and administrative tasks. This enhanced service will be rebranded as Tide Payroll, bringing a new level of ease and efficiency to the platform.
Tide’s acquisition of Onfolk is regarded as a strategic step toward achieving its overarching goal of simplifying business operations for small enterprises. Onfolk’s platform, which is recognized and approved by HMRC, brings a host of advanced features to the table. These include seamless integration with pension and accounting providers, clear and easily understandable payslip generation, automated tax code notices, and pension allocations, as well as secure storage for payroll documents. All these features are designed to take the hassle out of payroll administration, giving small business owners more time to focus on growing their enterprises.
Integration with Tide App
With the integration of Onfolk into the Tide app, small business owners in the UK are poised to experience a marked improvement in managing their payroll and administrative tasks. One of the most significant benefits of this merger is the ability to generate payslips with clear explanations, helping employees understand their earnings better. The platform’s automated features, such as tax code notices and pension allocations, will save countless hours usually spent on manual updates and calculations. By automating these tedious tasks, Tide allows business owners to reallocate their time to more productive activities.
The Onfolk platform also offers seamless integration with various pension and accounting providers, ensuring that all related processes are interconnected, accurate, and efficient. This level of integration means that business owners no longer need to juggle multiple systems and software to manage their payroll needs. Everything can be done from a single, unified platform, making the administrative aspect of running a business far less daunting. It’s a significant step forward in Tide’s mission to make business banking more straightforward and accessible for small enterprises across the UK.
Founders Join Tide
Following the acquisition, the Onfolk team, including its founders Michael Colley, Naz Malik, and Charlie Thomas, will join Tide to lead the new Tide Payroll division. This move demonstrates Tide’s commitment to leveraging Onfolk’s expertise and technical know-how to build a robust and effective payroll solution. Onfolk, which was established in 2020 and backed by Y Combinator in 2021, has quickly made a name for itself in the payroll solutions space. The founders’ decision to stay on post-acquisition indicates a shared vision for simplifying payroll processes and reducing administrative burdens for small businesses.
Tide’s CEO, Oliver Prill, expressed his enthusiasm for the acquisition, noting the importance of simplifying payroll for small business success. Prill emphasized that the seamless connection between Tide’s financial services and payroll functionalities would offer business owners a one-stop solution for managing their operations. This convenience is expected to be a game-changer for small businesses, allowing them to concentrate on their core activities without being bogged down by administrative tasks. It’s a move that aligns perfectly with Tide’s mission to support the growth and efficiency of small enterprises.
Strategic Growth and Vision
In a bold effort to enhance administrative services for UK small businesses, Tide, a prominent business banking platform, has acquired Onfolk, a UK-based SME payroll solution. This strategic move is poised to significantly streamline payroll processes for Tide’s 650,000+ small business customers in the UK. By incorporating Onfolk’s advanced payroll features into its app, Tide plans to provide a unified platform, enabling business owners to manage both financial and administrative tasks with ease. This revamped service, branded as Tide Payroll, is expected to add a new level of efficiency and simplicity to the platform.
Tide’s acquisition of Onfolk is seen as a key step toward its mission of simplifying business operations for small enterprises. Onfolk’s platform, approved by HMRC, offers a wealth of advanced features, including seamless integration with pension and accounting providers, clear payslip generation, automated tax code notices, and pension allocations. It also provides secure storage for payroll documents. These features aim to eliminate the hassle of payroll administration, allowing small business owners to focus more on growing their businesses.