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.