Tide raises £72m Series C funding led by Apax Digital to scale its financial platform.
Apax Digital led the oversubscribed round, which values the business at over $650m.
Tide operates a digital banking platform designed for small and medium enterprises. The company provides business current accounts and financial administration tools.
Tide has secured $100m in Series C funding, equating to roughly £72m, in a round led by Apax Digital. The capital injection values the business at more than $650m following rapid user acquisition throughout the previous year. Existing backers including Anthemis and Augmentum also participated in the financing. The proceeds will be deployed to support international expansion efforts and further product development as the firm scales its operations.
From the founder
"Partnering with Apax Digital validates Tide’s potential to continue our growth trajectory and gain traction in global markets."
Oliver Prill
CEO at Tide
Investor perspective
"Small businesses are a key pillar of the economy. Yet, for years, they have been underserved by both financial services and software providers. Tide’s cutting-edge platform is empowering SMEs by providing frictionless, easy-to-use software for their financial needs. We are thrilled to partner with Oliver and the Tide team in their mission to simplify the lives of millions of small businesses globally."
Mark Beith
Partner, Apax Digital
Use of funds
- 01Continue product development
- 02Expand into international markets
