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Tide, Previse and DueDil all secured seven-figure backing from Augmentum
Richard Bell

Augmentum invests £7m in three London fintechs

Venture capital firm Augmentum Fintech plc has announced a £7m investment in three London-based financial technology businesses.

The backing included £3m for SME challenger bank Tide, part of an £8m funding round that drew participation from investors Creandum, Anthemis, Passion Capital and Local Globe.

Tide is preparing to expand and introduce new features on its platform for small businesses.

Augmentum also invested £2m in Previse, a global instant supplier payment company. The firm led a £5.3m Series A financing round alongside Bessemer Venture Partners and Hambro Perks.

Previse offers tools and incentives for multinational businesses to pay suppliers as soon as they receive an invoice, potentially helping SMEs avoid cashflow issues associated with delayed payments.

Elsewhere, Augmentum invested £2m as part of an £8m Series C round in DueDil – the firm building the world’s most complete source of information on private companies and the individuals behind them.

It is used by financial services and technology firms for business prospecting, compliance on-boarding and risk assessment and monitoring.

Augmentums’ co-investors in the round included Oak Investment Partners, Notion Capital and VentureFounders.

Augmentum chief exec Tim Levene said: “Since our IPO we have built an exciting pipeline of fintech investment opportunities and are delighted to announce the completion of these three investments, each of which fit perfectly with our approach to investment.

“These companies deliver propositions that are disrupting their markets, challenging incumbents and bringing huge efficiencies to the end customer.”

He continued: “At Augmentum we look for opportunities where we can add value to a company beyond a simple financial contribution.

“In particular, we seek out talented, driven management teams and help them to achieve their potential.”

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