UK-based Tide raises $100 mn funding from Apax Digital Fund, others

UK-based digital business financial platform Tide on Monday said it has raised over USD 100 million (about Rs 745 crore) in funding, led by funds advised by Apax Digital.

The series C round, which has brought the total funding raised till date to USD 200 million, also saw participation from existing investors - Anthemis, Augmentum, Jigsaw, Local Globe/Latitude, UK-based investor SBI, and SpeedInvest, existing investors, a statement said.

Tide is now valued at over USD 650 million post-money, after only four years of operation, it added.

The company said it saw its user base more than double in the UK in 2020. With over 3.5 lakh members and over 4 lakh business accounts, Tide serves around six per cent of UK businesses.

Earlier this year, Tide had announced that it was expanding into India, with a full launch of the platform planned for 2022.

"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 USD 120 million in grants from the RBS Alternative Remedies Package," the statement said.

In March, Tide had said it plans to increase its headcount in India with the addition of 350 skilled professionals in 2021 across Hyderabad and Gurugram. With this, the company's total headcount in India would cross 400 people.

"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," Tide CEO Oliver Prill said.

He added that Tide looks forward to working with Apax Digital to realise its ambition of becoming a leading global business financial platform.

The investment is subject to FCA approval. Financial Technology Partners (FT Partners) served as the exclusive strategic and financial advisor to Tide on this transaction.