Tide acquires UK’s payroll provider Onfolk

Tide has announced the acquisition of Onfolk, a specialised payroll solution for UK SMEs. This acquisition is poised to streamline administrative tasks for Tide’s members by integrating essential services into one intuitive app.

Onfolk is known for its robust payroll system which is integrated with accounting and pension providers, enhancing operational efficiency for small businesses. The partnership aims to simplify the payroll process for Tide’s 650,000 UK members, enabling them to manage their business finances more efficiently in one unified application. By incorporating Onfolk into Tide’s existing suite of financial and administrative tools, members will benefit from seamless connectivity between payroll, invoice generation, payment services, and expense management.

The acquisition is not only a strategic addition to Tide’s portfolio but also aligns with its mission to save time and money for small businesses by simplifying administrative processes. This move follows Tide’s previous acquisition of Funding Options, as the company pursues a strategy of growth through mergers and acquisitions.

In a joint statement, Onfolk co-founders Michael Colley and Naz Malik stated, “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.”

Onfolk’s founding team, consisting of Michael Colley, Naz Malik, and Charlie Thomas, will join Tide and take leadership roles in Tide Payroll. Their expertise is expected to accelerate product development and support Tide’s global expansion efforts. This service will now be rebranded as Tide Payroll. Despite the integration, existing Onfolk customers will continue to have access to the Onfolk platform, ensuring a smooth transition.