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When are we going get an update on the bounce back loans. This has be a joke the way we are being treated I want to know where we are on this list and why people who have only just opened a tide account have got a bbloan already from you. I have been waiting months to hear from you about this and it the same rubbish answer your on the list we get back to you… There is businesses here that can’t apply other places and you know that and we need a yes or no from ye if we are going get it it or not

  • created

    Jul '20
  • last reply

    Oct '20
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Dear @asf2020,

Perhaps I could try and answer on Tides behalf.

  1. So far Tide has lent £50m. This is a very insignificant amount compared to their marketshare of SME businesses.

  2. Tide however does not have a banking licence. It therefore has to find money on the open market, to then lend out as BBL’s. This places all of Tide’s customer’s at a massive disadvantage compared to real bank customers.

  3. Tide has a waitlist of at least 70,000 and thus a pent up demand for billions in loans. They are only in talk for extra hundreds of millions (so even in £900m they cannot help half their waitlist).

  4. They are the only financial insitution taking on new accounts and BBL “registrations”. This will be being done for a few reasons:

a) It will help them in negotiations with outside parties for funding.

b) It is a really cheap way to generate new account sign ups. Currently, there is nowhere else to go.

c) At senior management level, they won’t be overly caring about customer service levels, as they are so appalling bad at the moment (-90% on Money Saving Expert). The only way is up from such a low base.

d) Many of these accounts will be “sticky” so they will remain after the BBL fiasco. It helps in their ambition to ultimately float and reach a unicorn valuation.

Realistically, if Tide were able to secure funding, it would have done so already. The song and dance at the moment is to save face.

I doubt that poor @Obi_at_Tide on the frontline has anything to do with such decisions. However, having worked in banking and finance, and the same McKinsey background as their CEO Dr. Prill, he will see it as no room for sentimentality in producing the market cap valuation his remuneration and that of other executives is contingent on.

Thus expect the dance to continue. The illusion of lending to appear just around the corner. It won’t appear. £50m is chicken feed to provide such an illusion.

The only thing that will change this, is if customer numbers fall off a cliff or the regulator stops them from taking new accounts.

Thank you for reaching out about this @asf2020

We are going to have an update regarding the BBLS and what progress we’ve made soon, I do completely understand that the lack of an update from us for some time has given some cause for concern.

I very much appreciate that you’ve all been quite patient with us.


Thanks for the response. Hopefully we get an update this week.

Same said answer as always and I want know where I am on the list. And why is it taking so long and don’t say down to staff numbers because you have TV advertising now looking for new customers look after us first as customers of yours and deal with you have already in a professional and expected manner. Customer service with tide is shocking and needs be sorted remember it is our cash flow going into your bank that keeps ye going

Interesting to note that in app Support now has an auto responder to messages that mention bounce back loans. Just messaged support for an update and got a response in seconds saying that they will inform me when bounce back loans have been re-enabled.

Re-enabled! So they’ve stopped lending?

Probably not responding to messages regarding BBL.
People are probably asking the same questions every day & i think it’s good they actually stop talking about the BBL until they have an update, that way they can continue to focus on members that are having everyday problems using their account making & receiving payment.
What’s the point of people asking where they are on the waiting list everyday or asking how much they’ve borrowed?
Will that put the BBL in their account?

Thank you for adding to the discussion.

We will have a larger update regarding the BBLS soon - we absolutely know that it’s been a long time since we’ve definitively addressed the subject.

Thank you all for being patient with us, still.


I assume everyone seen Oliver’s letter to account holders re BBLs and confirming, finally, that there is no money.

He says that the terms of the Gov BBL do not make it attractive for lenders to on-lend to Tide. Not sure why that wouod be the case as lenders wold recieve circa 2% guaranteed interest rate whereas today we are practicallly in negative interest rate territory. Where else are people going to put their money to get a guaranteed fixed rate os 2% fo 5 years? Good they push Treasure to provide actual funds, but not optomistic on that front. But I think a huge own-goal by Tide and goverment on this. Surely Tide could do a dal to MIGRATE with Feeder accts all Tide accounts to a proper bank to access funding??

It’s been extremely difficult news to deliver from our side as well.

I completely understand the frustration from a lot of our members. As stated in Oliver’s letter, we haven’t given up on supporting the scheme and are going to be in discussions for the Government to take a more direct approach in funding.


Mr Obi,

I can assure you that you have absolutely no clue as to the frustration your customers are having right now. No clue what so ever. While i appreciate it may not be easy to give this info, there was absolutely no need for the blatant lies that have been given. What exactly was the point in getting the accreditation? You have likely damaged your company while destroying your customers. This is the 1st and only bit of honestly that has come out since may. There is no justification in it. Tide have absolutely destroyed a fair amount of peoples lives today. Hope you all at tide sleep well.

People like Obi can not be held responsible, however the typical boardroom non entities cerrainly can be. Having your best team working on a tracker (which didnt materialise), a team working hard to source funds ‘very soon’ (didn’t happen) hardly instills confidence in customers never mind anyone else.
Tide should have sort help from the government or treasury at least 2 months ago!!!

Thank you for your comments, @Danmozz, @Johnspud77

I do appreciate how many of my comments here and our broader communication on social media and elsewhere might seem hollow. The truth of the matter is that we haven’t been able to support our members anywhere near the extend we wanted to.

We’re not shirking our responsibility for that, even though we’ve tried to stress that there are no guarantees we can provide. Though the needed changes will not likely manifest overnight, we are advocating for the Government to take a direct involvement in assisting lenders with funding, in order for all struggling businesses to be given the chance to recover.

If and when this goes through, we will absolutely continue lending.


3 months later

closed Oct 6, '20

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