Tide, the British FinTech based in London, is constantly growing. Thus, in order to compete with other players in the financial services market such as Monzo or Revolut, it has just announced a new round of C-Series financing. The British company has raised $ 100 million, reaching a valuation of 650 million. USD. With this, the total investment raised by the company has increased to $ 200 million so far.
The capital injection comes just weeks after Tide announced plans to begin its international expansion strategy in India, with a commitment to invest £ 100 million and create 1,000 jobs over the next five years. The C Series round was led by Apax Digital, the growth capital team of Apax Partners. Anthemis, Jigsaw, Augmentum, SBI, Local Globe / Latitude and SpeedInvest also took part in the round, as they are already existing investors in the company.
Tide has a portfolio of 350,000 SME clients and has opened more than 410,000 business accounts since its launch in the UK in 2017, stating that the funding will be used to support its international expansion strategy. Oliver Prill, CEO of Tide, said: “The partnership with Apax Digital validates Tide’s potential to continue our growth trajectory and gain traction in global markets. Tide’s growth story so far has been extremely interesting, creating a diverse platform that serves small business owners as well as generating significant market share. As we launch Tide internationally, we could not have a better group of investors to support us. We look forward to working with Apax Digital to achieve our ambition to become a global business financial platform. ”
Mark Beith, partner at Apax Digital, and Niccolò Ferragamo, director at Apax Digital, said: “Small businesses are a key pillar of the economy. However, for years, they have been served by both financial services and software vendors. Tide’s state-of-the-art platform empowers SMEs by providing hassle-free, easy-to-use software for their financial needs. We are excited to work with Oliver and the Tide team on their mission to simplify the lives of millions of small businesses globally. ”
Recently, Tide launched Tide Credit Builder to help small businesses build their Experian credit score to lend to growth. It will help its members consolidate their creditworthiness by giving them a micro „reverse loan” of 240 GBP. The company makes „refunds” of about £ 23 a month to Tide; after making 12 monthly payments, the company will receive back GBP 240.