Tide raises $100 million in Series C funding

CHENNAI: UK-based business financial platform Tide, which has its global development centre in Hyderabad, has received more than $100 million in a Series C funding round led by Apax Digital (the growth equity team of Apax Partners). Existing investors Anthemis, Augmentum, Jigsaw, Local Globe / Latitude, SBI and SpeedInvest also participated in the round.
With this, total funding raised by Tide to date comes to $200 million and the company said it is now valued at over $650 million post-money after four years of operation.
Tide serves around 6% of UK businesses and counts over 350,000 members and over 400,000 business accounts. Earlier this year, Tide announced that it was expanding into India with a full launch of the platform planned for 2022.
“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," Oliver Prill, Tide CEO, said.
The investment remains subject to FCA approval. Financial Technology Partners (FT Partners) served as the exclusive strategic and financial advisor to Tide on this transaction.