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You don't need a physical bank account but make sure the bank is properly regulated and can provide you all the documentation that you will need.
Tide is perfectly fine as a business account for Tier 1E activity as they have an e-money license from FCA.
On the Tide website it says:The FCA and Prudential Regulation Authority (PRA) listing process
A10. The authorisation process has been split between FCA and PRA.
Firms carrying out PRA regulated activities as a bank, credit union, insurer, or managing agent of a Lloyd's syndicate need to apply to the PRA for authorisation, but authorisation will not be granted unless the FCA is also satisfied that it should be. Firms that will be dual regulated should apply to the PRA unless directed otherwise. Solo regulated firms e.g. e-money institutions and payments service institutions and other providers will need to apply to the FCA for authorisation. Firms that have applied to the FCA/PRA for registration may not carry on regulated activities until their registration is complete. This may take 3 months or longer in some cases.
Tide is not a bank, the Tide current account is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900010) for the issuing of electronic money. PPS holds an amount equivalent to the money in Tide current accounts in a safeguarding account which gives customers protection against PPS’ insolvency.
