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Digital challenger bank Tide gets $14m Series A

george bevis

Digital challenger bank Tide has raised $14m (£11m) in a Series A round led by Anthemis.

Creandum, a Swedish VC fund which has invested in Spotify, participated alongside existing investors Passion Capital and LocalGlobe.

The London-based company, which is seeking to facilitate current accounts for small businesses, closed a $2m Seed last year, and is also unveiling a partnership with Iwoca, a FinTech company which offers business loans.

Speaking to City A.M., founder George Bevis, said: “We’re growing extremely fast but we still need to get the word out.”

The company, which currently employs 35 people in London, will use the money to grow its team and to bolster its marketing efforts.

“High street banks don’t care enough about small businesses. They’re painful to deal with. We need a simpler, more efficient and helpful way to manage money. So, we started Tide: a banking service designed especially for small businesses,” said Bevis last year.

Tide seeks to make it easier for companies to set up a business current account and claims to enable them to do so in three minutes or less.

Launched to the public in early 2016, the mobile-first bank is now looking to offer a set of additional features, including multiple currency options and access to multiple users.

The bank’s customers can already access other business-related features such as automated book keeping, expenses and invoices management.