Digital bank Tide has pledged to help 200,000 women start businesses before the end of 2027.
The commitment is part of Tide’s efforts to promote gender equality and remove barriers to female entrepreneurship. It previously onboarded 100,000 female-led businesses 10 months ahead of its 2023 end-of-year target.
Female-led businesses make up just a fifth (20%) of all new businesses in the UK. To address this and other challenges, Tide is launching a Women in Business content series to inspire, inform and champion female Tide members.
Tide members will be directed to Mastercard’s Strive UK programme. Strive UK includes free access to training and targeted advice to tackle business challenges such as creating a social media strategy, setting up an online shop or accepting online payments.
A recent survey of 2,000 Tide members showed that more than half (53%) of women in the UK find it challenging to start their own business. They cited a lack of mentors, operational knowledge, and self-confidence as some of the most significant barriers. The survey showed business mentoring and learning and development are areas where female business owners need support.
Heather Cobb, SVP Member Engagement at Tide, said: “Having listened to our members, we know the struggles they face when starting and running a business and we want to make that process as easy as possible.
“A mere 5.6% of women in the UK run their own business – much lower than developed economies such as Canada (15%) and the US (11%). Today’s commitment is just the beginning of our journey to improve gender equality in entrepreneurship and we look forward to working with Mastercard and others to achieve this goal.”
Tide’s Women in Business content series will spotlight lessons from running innovative businesses, helping the community of female Tide members supercharge their ventures.
One such member is serial entrepreneur and social advocate Atinuke Awe (pictured). Awe, who recently hosted a masterclass on ‘Accessing Alternative Finance’, is the founder of Mums and Tea (a social platform for Mums), Learning with Ez (diverse educational resources) and co-founder of Five X More CIC, an organisation committed to changing Black maternal outcomes in the UK.