Breaking News
Tide raises $100 million in Series C funding led by the Apax Digital Fund
Tide, the UK’s leading business financial platform,[1] today 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.
The new funding puts Tide in a position to continue to develop their business financial platform, grow their market share, as well as expand globally. 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.”
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.”
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.
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