Tide, a UK-based business financial platform, has acquired Onfolk, an HMRC-recognized payroll solution for SMEs, announced on October 18, 2024. Onfolk specializes in integrating accounting, pensions, and people systems, making payroll management simpler for small businesses. The acquisition will transform Onfolk into Tide Payroll, offering Tide’s 650,000 customers a streamlined payroll experience connected with Tide’s broader financial and administrative tools. The Onfolk team, including co-founders Michael Colley and Naz Malik, will join Tide as they continue supporting SMEs in reducing administrative tasks. This acquisition marks Tide’s second after acquiring Funding Options in 2023.



October 22, 2024 – Tide, the UK-based business financial platform, has strengthened its suite of services for small and medium enterprises (SMEs) with the acquisition of Onfolk, a leading HMRC-recognized payroll solution provider. This strategic move underscores Tide’s commitment to simplifying the administrative and financial tasks of small businesses, allowing entrepreneurs to focus more on growth and leadership.

Onfolk, known for its seamless integration of payroll with accounting, pensions, and people systems, will now be incorporated into Tide’s platform, rebranded as Tide Payroll. The integration aims to streamline payroll processing for Tide’s 650,000 SME customers, combining payroll with other finance and admin tools like invoicing, payment services, and expense management within the Tide app.

Founded by Michael Colley, Naz Malik, and Charlie Thomas in 2020, Onfolk quickly gained recognition for its intuitive, user-friendly payroll software that automates tax code notices, pension allocations, and payroll document storage. Following the acquisition, the Onfolk team, including co-founders Colley and Malik, will join Tide to continue developing and enhancing the payroll platform.

Michael Colley and Naz Malik shared their enthusiasm for the acquisition, stating, "We’re thrilled to join Tide, a leader in SME support. Together, we’ll make payroll even more accessible and efficient for businesses worldwide, saving owners time and money."

Tide CEO Oliver Prill emphasized the importance of this acquisition, noting, "Payroll is a critical function for any business. By integrating Onfolk into our platform, we’re making an admin-heavy process as simple as possible for our members, who can now manage nearly all aspects of their business through one intuitive app."

This acquisition follows Tide’s purchase of Funding Options in 2023, further broadening its range of services for SMEs. With over one million members globally, Tide continues its expansion, having recently entered the Indian and German markets.

As Tide grows, it is poised to make additional acquisitions, further enhancing its service offering to SMEs worldwide.