Tide raises £44.1m in Series B funding led by SBI Group and Augmentum Fintech to scale operations.
The Series B round was led by The SBI Group and Augmentum Fintech to support UK market expansion and international growth.
Tide provides a business financial platform that integrates banking services and accounting software for small businesses. The company serves hundreds of thousands of members across the UK market.
Tide has raised £44.1m in a Series B funding round led by The SBI Group and Augmentum Fintech. The fresh capital will enable the digital business banking platform to increase its market share in the UK and pursue international expansion.
The company has experienced rapid member growth, surpassing 100,000 members and expanding its workforce to over 250 employees. This investment follows previous backing from investors including Augmentum Fintech, which participated in earlier funding rounds.
With its strategic partnership with ClearBank, Tide aims to secure an 8% share of the UK business banking market by 2023. The new funds support ongoing product development, such as Tide Plus and the recently established Tide Capital subsidiary.
Investor perspective
"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."
Yoshitaka Kitao
President and CEO, The SBI Group
Use of funds
- 01Expand into international markets
