Tide raises $100 million
London-based digital banking platform Tide has raised $100 million in a Series C funding round, bringing its valuation to over $650 million. The round was led by Apax Partners with Anthemis Group , Augmentum Fintech, Jigsaw, LocalGlobe, SBI Holdings and Speedinvest as participants.
Founded in 2015, Tide provides mobile-first banking services for small and medium-sized businesses. The startup offers its members business banking without monthly, weekly or annual, or card usage fees. The only costs are for transfers from non-Tide accounts, ATM use and cash deposits at the Post Office. Tide allows business owners to open accounts “in minutes” and it integrates with different accounting systems, enabling users to create and pay invoices.
“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.” – Dr. Oliver Prill, Tide CEO
The company intends to use the new funding to continue to develop its business financial platform, grow its market share, as well as expand globally.