Fintech company Tide has raised £44.1m in its first round of Series B equity funding in a bid to increase its business banking market share.
Tide announced it had secured the funding yesterday in what it is calling “one of the largest ever” series B funding rounds for a fintech company.
The company, which provides digital business banking, said its goal was to increase its business banking market share to 8 per cent by 2023.
As of August, Tide surpassed 100,000 members and increased its market share to 1.75 per cent.
Tide chief executive Oliver Prill said management will also begin to look at taking the company international.
“We want to challenge the oligopoly that has dominated and failed small-to-medium enterprises (SMEs) for too long.
“With a clear plan for growth in the UK backed by significant investment, we are ready for an exciting future, which includes looking at taking Tide to an international market.”
The funding effort was led by The SBI Group and Augmentum Fintech and will be followed up by a subsequent round at the end of the year.