Small business banking firm Tide positions itself as the “world’s first” mobile-first banking tool for SMEs and boasts its speedy services for small businesses looking to set up a bank account. Now, venture capitalists have provided seed funding to help Tide accelerate its growth, too. Reports on July 25 said Tide raised $2 million in seed funding from a slew of investors, including Passion Capital, LocalGlobe and other strategic investors.Tide enables small business owners to set up a business current account by allowing its mobile app to read an ID; the company claims to be able to do so in three minutes or less without setup, monthly or annual fees, reports said. The U.K. company charges 20p for every bank payment made. Later this year, it hopes to roll out additional features, including foreign exchange and payments services to help SMEs accept direct debits or card payments.