Monday 12 July 2021 7:50 am

Tide banking valued at $650m, after securing $100m in funding

Tide Banking, the UK fintech startup, has raised over $100m in Series C funding, bringing its valuation to over $650m (£468m), the company announced today.

The four-year-old startup has raised a total of $200m to date including the latest funding.

The injection of cash will allow the company to grow its market share, and expand internationally, said Tide in an official statement.

The finch announced its plans for a full launch in India by 2022, earlier this year.

The round was led by the growth arm of private equity giant Apax Partners.

“Partnering with Apax Digital validates Tide’s potential to continue our growth trajectory and gain traction in global markets,” said Oliver Prill, the chief executive officer of Tide.

Anthemis, Augmentum, Jigsaw, Local Globe / Latitude, SBI, and SpeedInvest, existing investors, also participated in the round.

Tide, founded in 2015 by George Bevis, provides mobile-first banking services for small and medium-sized businesses.

The business saw its UK customer base more than double during 2020.

It now has more than 350,000 customers, accounting for a UK SME banking share of more than 6 per cent.

Tide is competing in an increasingly crowded digital payments market, with rivals such as Revolut and Monzo racing to stay ahead of the crowd.

At the time of the announcement the investment remained subject to FCA approval according to an official statement from the company.

Tide, in partnership with ClearBank, has also been awarded nearly $120m in total, from grants from the RBS Alternative Remedies Package.