Tide raises £44m in Series B led by SBI and Augmentum

UK-based digital business banking platform Tide has secured £44.1 million (US$54.3 million) in the first round of its Series B funding led by the Japanese investment company SBI Group and Augmentum Fintech plc. The fresh funding is expected to assist Tide in increasing its share of the UK business banking market and fuel its international expansion. The bank has stated that it is targeting a UK market share of at least 8% by 2023

Oliver Prill, CEO of Tide, said, “Securing this substantial investment from successful fintech investors like The SBI Group and Augmentum, underlines how far the business has come in a short time. We believe this is one of the largest Series B rounds ever secured by a UK fintech company. As we outlined earlier this year, securing more funding means we can accelerate our strategy to capture a significant share of the UK SME banking market. We want to challenge the oligopoly that has dominated and failed 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.”

Yoshitaka Kitao, President and CEO of The SBI Group, said: “Tide’s rapid growth, alongside the quality of its products and services used by its growing army of members, is hugely exciting. For more than a decade, we have been establishing an internet-based financial ecosystem to drive growth through the aggressive use of new technology. Tide fits perfectly into that ecosystem and shares our approach to business which is to be customer-centric, and innovative to create value.”

Recently, Tide announced the launch of an upgraded account, Tide Plus, in order to facilitate the efficient running of businesses. Tide Plus is expected to be available to all the members by the end of 2019.

Established in 2015 in Central London, Tide is a business banking platform provider which aims to create a banking platform for entrepreneurs and small business owners, to help the members save time and money in the running of their businesses,

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