Business finance platform Tide has made a strategic move by acquiring Onfolk, a UK-based payroll provider designed for small and medium enterprises (SMEs). While the financial terms of the acquisition have not been disclosed, the deal signals Tide’s growing ambition to simplify business finance management for its 650,000 UK clients.
Seamless Payroll Integration for SMEs
Onfolk is an HMRC-recognised payroll software that integrates seamlessly with pension providers and accounting platforms. For payroll administrators and employees, the platform generates payslips that provide detailed explanations for each item. Key features include the automation of tax code notices, pension allocations, and the storage of payroll documents—all aimed at reducing the administrative burden for SMEs.
Following the acquisition, Tide Payroll will now be offered as an embedded option within the Tide app, further enhancing the platform’s suite of financial services. This will allow businesses to manage payroll alongside other finance and admin tasks from one intuitive platform, streamlining operations and reducing complexity.
CEO’s Vision for Simplifying Business Finance
Oliver Prill, CEO of Tide, remarked on the significance of integrating payroll services into Tide’s offering:
“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.”
Prill also highlighted the efficiency that Onfolk’s technology brings to Tide’s existing business operations, positioning the platform to be an all-in-one financial solution for SMEs.
Onfolk’s Founding Team Joins Tide
As part of the acquisition, the Onfolk team—including founders Michael Colley, Naz Malik, and Charlie Thomas—will join Tide to lead the company’s newly launched Tide Payroll. Founded in 2020, Onfolk gained recognition after being backed by Silicon Valley’s Y Combinator in 2021. The Onfolk team’s expertise is expected to help accelerate Tide’s product roadmap and diversify its financial service offerings.
This acquisition marks Tide’s second major move in the mergers and acquisitions space, following its purchase of Funding Options earlier in 2023. Prill emphasized the importance of M&A in Tide’s growth strategy:
“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.”
For more on Tide’s business offerings, visit the official Tide website.