Tide, the UK’s headquatered business financial platform, announced it has received just over $100 million in Series C funding, bringing the company’s total raised to date to $200 million.
Tide is now valued at over $650 million post-money, after only four years of operation. The round was led by funds advised by Apax Digital, the growth equity team of Apax Partners. Anthemis, Augmentum, Jigsaw, Local Globe / Latitude, SBI, and SpeedInvest, existing investors, also participated in the round.
Tide has launched in 2017 and has over 350,000 members, over 400,000 business accounts and a proposition ranging from business banking to payments and accounting software. It serves around 6% of UK businesses. Earlier this year, Tide announced that it was expanding into India, with a full launch of the platform planned for 2022.
• Tide, in partnership with ClearBank, has also been awarded a total of nearly $120 million in grants from the RBS Alternative Remedies Package.
Oliver Prill, Tide CEO said: “Partnering with Apax Digital validates Tide’s potential to continue our growth trajectory and gain traction in global markets. “Tide’s growth story to date has been hugely exciting, creating a diverse platform that serves small business owners, as well as generating significant market share. As we embark on taking Tide international, we couldn’t have a better set of investors to support us. We look forward to working with Apax Digital to realise our ambition of becoming a leading global business financial platform.”
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Mark Beith, Partner at Apax Digital and Niccolò Ferragamo, Principal at Apax Digital said: “Small businesses are a key pillar of the economy. Yet, for years, they have been underserved by both financial services and software providers. Tide’s cutting-edge platform is empowering SMEs by providing frictionless, easy-to-use software for their financial needs. We are thrilled to partner with Oliver and the Tide team in their mission to simplify the lives of millions of small businesses globally.”
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