The Series B round was led by The SBI Group and Augmentum Fintech to support UK market expansion and international growth.
"Tide's rapid growth, alongside the quality of its products and services used by its growing army of members, is hugely exciting. For more than a decade, we have been establishing an internet-based financial ecosystem to drive growth through the aggressive use of new technology. Tide fits perfectly into that ecosystem and shares our approach to business which is to be customer-centric, and innovative to create value."
ETFS Capital has backed the London-based index company in its latest funding round.
"The indexing industry is in urgent need of transformation since the dominant index providers currently offer investors limited choice and are inflexible. Moorgate Benchmarks is solving this problem by offering index providers and product issuers the services they need to innovate and deliver true choice to all investors. We are delighted to have secured a significant investment from ETFS Capital which will accelerate the build-out of our full-services, flexible offering."
Oak HC/FT led the financing round, which will fund network expansion and product development.
"Global commerce is at a critical inflection point as businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localized customer experiences without having to build their own infrastructure. The expectation today is that this must happen around the world in order to drive growth into new markets. As more than half of all transactions worldwide are facilitated via bank transfers and cash, merchants find it increasingly difficult to digitally enable local payment methods and process cross-border sales that are required for international expansion."
