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London based small business banking service raised $2m of Series Seed financing from Local Globe and Passion capital. Tide claims to be the world's first mobile first banking system for small businesses.
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Funds are held under an e-money license, not a banking license. The primary difference between an e-money license and a banking license is that banks can take investment risks with the money held in their accounts without any prior knowledge of the business owner, however e-money license-holders can not do this. Tide deposits are held by PPS in a ring-fenced account at Barclays and cannot be invested by PPS.
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