Monzo rival Tide raises $100M at a valuation of $650M
London-based Tide, another fintech in the ever-growing and crowded digital payments market and also a rival to Monzo, and Revolut has just announced a new funding round. In its Series C, the UK fintech has raised over $100 million (nearly £72 million) at a valuation of $650 million (nearly £470 million). With this the total investment raised by the company has gone up to $200 million (nearly £144 million) till date.
The investment round was led by Apax Digital, the growth equity team of Apax Partners. Anthemis, Augmentum, Jigsaw, Local Globe / Latitude, SBI, and SpeedInvest and existing investors.
Global expansion plans
The new funding puts Tide in a position to continue develop its business financial platform, grow its market share, as well as expand globally. Earlier this year, Tide also announced its expansion plans into India with a full launch of the platform planned for 2022.
Oliver Prill, Tide CEO said: “Partnering with Apax Digital validates Tide’s potential to continue our growth trajectory and gain traction in global markets. Tide’s growth story to date has been hugely exciting, creating a diverse platform that serves small business owners, as well as generating significant market share. As we embark on taking Tide international, we couldn’t have a better set of investors to support us. We look forward to working with Apax Digital to realise our ambition of becoming a leading global business financial platform.”
Mark Beith, Partner at Apax Digital and Niccolò Ferragamo, Principal at Apax Digital said: “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.”
Growth amidst pandemic
In 2020, Tide partnered with ClearBank, the cloud-native clearing bank the business banking platform, and was awarded £25m to help UK SMEs turn recovery from the coronavirus crisis into a growth opportunity.
Since it was founded in 2015 and launched in 2017, Tide has raised investment from major backers including Anthemis, Augmentum, Creandum, Goodwater, Jigsaw, Latitude, LocalGlobe, Passion Capital, SpeedInvest and The SBI Group.
While it has witnessed sustained growth since its debut, 2020 saw over double the user base in the UK. With over 350,000 members, over 400,000 business accounts and a portfolio ranging from business banking to payments and accounting software, Tide serves around 6% of UK businesses.