Total amount raised
$195.2 Millions
Latest funding date
8/1/2024
Location
Tide has successfully raised significant funding over multiple rounds, attracting a diverse group of investors including LocalGlobe and Augmentum Fintech. The platform offers comprehensive business finance solutions, catering to over 1 million SMEs in the UK.
Keep reading to explore the intricacies of Tide's fundraising journey and the investors backing this innovative platform.
What Is Tide?
Tide, founded in 2015 by George Bevis, is a business banking platform based in London, England. The company aims to save small businesses time and money on their banking and administrative tasks.
Offering a range of services including business accounts, payment tools, expense management, and accounting integration, Tide supports SMEs in managing their finances more efficiently. The platform is designed to streamline business operations and reduce administrative burdens.
With a workforce of 1001-5000 employees, Tide continues to grow and innovate, providing essential financial services to over 1 million SMEs in the UK.
How Much Funding Has Tide Raised?
- Series B
- Amount Raised: £44.1M
- Date: October 2019
- Lead Investors: Augmentum Fintech, SBI Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Tide's market share and enhance its product offerings.
- Convertible Note
- Amount Raised: $10.5M
- Date: August 2018
- Lead Investors: Augmentum Fintech
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and operational expansion.
- Convertible Note
- Amount Raised: $8M
- Date: December 2018
- Lead Investors: Augmentum Fintech, Goodwater Capital, Speedinvest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance service offerings.
- Venture Round
- Amount Raised: £5M
- Date: June 2019
- Lead Investors: Augmentum Fintech
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Tide's market presence and improve its platform.
- Series C
- Amount Raised: $100M
- Date: July 2021
- Lead Investors: Apax Digital
- Valuation at Round: Over $650M
- Motivation Behind the Round: To develop Tide's platform, grow market share, and expand globally.
- Non-Equity Assistance
- Date: April 2021
- Lead Investors: Future Fifty
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational and strategic initiatives.
- Secondary Market
- Date: December 2019
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Secondary Market
- Date: August 2024
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To offer liquidity options for stakeholders.
Total Amount Raised: $163.6M
Current Valuation: Over $650M
Key Investors
- Apax Digital
- Details: Apax Digital is the growth equity team of Apax Partners, focusing on technology and digital companies.
- Investment Focus Areas: Technology, telecommunications, retail, healthcare, financial services.
- Notable Investments: ThoughtWorks, Paycor, Signavio.
- Anthemis
- Details: Anthemis is a venture investment firm specializing in financial services and technology.
- Investment Focus Areas: Financial services, fintech, insurance technology.
- Notable Investments: Betterment, eToro, Simple.
- Augmentum Fintech
- Details: Augmentum Fintech is a venture capital firm that invests in fintech companies across Europe.
- Investment Focus Areas: Fintech, financial services, digital banking.
- Notable Investments: Zopa, Interactive Investor, Monese.
- LocalGlobe
- Details: LocalGlobe is a venture capital firm that invests in early-stage technology companies.
- Investment Focus Areas: Early-stage technology, fintech, digital services.
- Notable Investments: TransferWise, Zoopla, Citymapper.
- SBI Group
- Details: SBI Group is a financial services company that invests in fintech and blockchain technology.
- Investment Focus Areas: Financial services, fintech, blockchain.
- Notable Investments: Ripple, R3, MoneyTap.
What's Next for Tide?
As Tide looks to the future, the opportunities are vast. With plans to expand into India by 2022, the company is poised to tap into a market brimming with small and medium-sized enterprises. This move could significantly boost their user base and market share, building on their current success in the UK.
Future fundraising seems likely as Tide continues to grow. The recent $100 million Series C funding round, led by Apax Digital, underscores investor confidence. Additional rounds could support further international expansion and product development, attracting more investors along the way.
However, challenges remain. Regulatory approvals, such as those from the FCA, are crucial. Competition from other fintech companies and traditional banks will also be fierce. Managing rapid growth and scaling operations effectively will be key to maintaining their momentum.
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