Tide, a London, UK-based business financial platform, raised just over $100m in Series C funding, bringing the total raised to date to $200m and valuation to over $650 million post-money.
The round – which remains subject to FCA approval – was led by funds advised by Apax Digital, the growth equity team of Apax Partners, with participation from existing investors Anthemis, Augmentum, Jigsaw, Local Globe / Latitude, SBI, and SpeedInvest.
The company intends to use the funds to continue to develop their business financial platform, grow their market share, as well as expand globally.
Led by Oliver Prill, CEO, Tide provides a business financial platform that offers business accounts and related banking services, and a comprehensive set of software solutions, such as full integration with accounting systems. Tide has over 350,000 members and over 400,000 business accounts.
The company, in partnership with ClearBank, has also been awarded a total of nearly $120m in grants from the RBS Alternative Remedies Package.