Challenger bank Tide has committed to supporting 100,000 female-led businesses by the end of 2023.
Tide has also promised to track and report on the number of female-led businesses using its platform and to implement a programme of initiatives to support women in starting their own businesses.
Tide’s commitment follows the publication of the Rose Review, which found that only 32% of UK entrepreneurs are women, revealing a huge untapped potential for the UK economy. Following the publication of the report, the government has committed to increase the number of female entrepreneurs by 600,000 by 2030.
Since launching in 2016, Tide has already supported 15,000 female entrepreneurs to start a business and is dedicated to aiding the government’s push to add another 600,000 female-led enterprises to the UK economy.
Liza Haskell, General Counsel, Tide, said: “The Rose Review has drawn crucial attention to the unrealised economic potential of female entrepreneurs and has highlighted how the UK could be one of the best countries in the world for women to start and grow a business. At Tide, we welcome this review and the government’s commitment to add 600,000 new female entrepreneurs to the UK economy by 2030. We also recognise that the industry must play a part in reaching this target.
“Today’s commitment is an ambitious one, however, given our strong growth to date and our goal to become the number one challenger in the industry, we believe we are in a strong position to achieve this target and to make a significant contribution to the UK economy.
“We believe our digital proposition, combined with our in-depth understanding of the UK start-out and start-up market, means Tide is perfectly placed to make a long-term commitment to providing the support needed to significantly increase the number of female entrepreneurs in the UK.”
As of April 2019, Tide has nearly 80,000 members, with 12% of new business current accounts being opened with Tide.