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Tide raises $54M in funding to grow business banking platform, overseas expansion

Published

Oct. 7, 2019

Tide, a U.K.-based business banking platform, said it raised $54.3 million (44.1 million pounds) in Series B funds led by Japan-based SBI Group and U.K. fund Augmentum Fintech. 

Tide said the funding will help the company grow its share of the U.K. business banking market and pay for its planned international expansion.

"Securing this substantial investment from successful fintech investors like the SBI Group and Augmentum Fintech underlies how fast the business has grown in the short time," Oliver Prill, CEO of Tide, said in a press release. "We believe this is one of the largest Series B rounds ever secured by a U.K. fintech company.”

Tide, which works with partner firm ClearBank, a provider of payments technology, hopes to reach 8% of the U.K. market by 2023. In August of this year, Tide surpassed 100,000 customers and had reached a market share of 1.75%. 

Cover image: Tide