Tide hits $650m valuation as it raises $100m for global expansion

Business banking provider Tide reached a fundraising milestone this morning, with news of its $100m funding round led by the Apax Digital Fund.

Tide’s existing investors Anthemis, Augmentum Fintech, Jigsaw, Local Globe / Latitude, SBI, and SpeedInvest all participated in the round, which leaves Tide with a post-money valuation of $650m (or around £468m).

“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,” said CEO Oliver Prill.

“As we embark on taking Tide international, we couldn’t have a better set of investors to support us.”

Indeed with Tide’s recently-announced India launch planned for 2022, this funding round is firmly marketed as being to fund global expansion.

Prill said it would help Tide “realise our ambition of becoming a leading global business financial platform.”

While no additional markets were mentioned, it’s not difficult to imagine the kind of English-speaking countries that might be top of Tide’s list.

In an update to its numbers, Tide said it now has over 350,000 customers with over 400,000 business accounts.

As a proportion of SMEs, Tide claims it now has around a 6 per cent market share.