Business finance platform completes $100m fundraise to drive global expansion

A London business finance platform has announced that it has raised more than $100m in funding as it aims to expand globally.

Tide, which launched in 2017, raised the funding through a Series C round lby Apax Digital, the growth equity team of Apax Partners, and supported by existing investors Anthemis, Augmentum, Jigsaw, Local Globe / Latitude, SBI, and SpeedInvest.

The funding brings the company’s total raised to date to $200m, valuing Tide at over $650m post-money.

Tide is aiming to use the new funding to develop its platform and expand globally, building on its plans to launch in India next year.

Oliver Prill, CEO of Tide, commented: “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.”