UK business banking platform Tide has raised over $100m in Series C funding at a valuation of $650m led by Apax Digital, the growth equity team of Apax Partners.
The Series C round also had Anthemis, Augmentum, Jigsaw, Local Globe / Latitude, SBI, and SpeedInvest, existing investors in the company, participating. The four-year-old startup has raised a total of $200m to date including the latest funding.
Tide, which has recruited 350,000 SMEs and opened over 410,000 business accounts since its launch in the UK in 2017, will use the funding to support its international expansion strategy.
The new funding will also help the firm to develop its business and increase its market share. The cash injection comes just weeks after the firm announced plans to kickstart its international expansion strategy in India, with a commitment to invest £100m and create 1000 jobs over the next five years.
Tide CEO Oliver Prill said, “Partnering with Apax Digital validates Tide’s potential to continue our growth trajectory and gain traction in global markets. As we embark on taking Tide international, we couldn’t have a better set of investors to support us.”
In partnership with ClearBank, Tide has also been awarded a total of nearly $120m in grants from the RBS Alternative Remedies Package.
Tide is competing in an increasingly crowded digital payments market, with rivals such as Revolut and Monzo racing to stay ahead of the crowd.
The investment is subject to FCA approval.
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. 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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