Tide rolls Funding Options into ‘Tide Partner Credit Services’ as acquisition completes

Tide has completed its acquisition of credit finance marketplace Funding Options, a deal exclusively revealed by AltFi in November 2022.

The takeover has been given the green light by the FCA and Tide has subsequently rolled Funding Options into a new division called Tide Partner Credit Services.

Financial details of the deal haven’t been disclosed, but prior to its acquisition Funding Options had raised around £20m in equity funding as well as £5m in cash from Banking Competition Remedies (BCR) in 2019.

Work is underway to merge Tide’s existing credit intermediation business with Funding Options, under the leadership of Simon Cureton, CEO of Funding Options.

“As part of Tide, our ability to do what we do best—help businesses gain access to finance—is going to be turbo-charged, not only in the UK but also as we move into new markets,” said Cureton, seemingly hinting at Tide’s recent launch in India.

“We’ll be at the forefront of the sector, driving innovation in technology, new products, new services and new features that will make a huge difference to our customers.”

Once the integration is complete, Tide’s 475,000 SME customers will have instant access to Funding Options’ panel of lender partners.