British fintech firm Tide is said to be approaching a valuation of £ 350m following a new cash injection from the growth division of private equity fund Apax Partners.
According to Sky News, the Apax Digital Fund has completed an investment in a business banking platform worth tens of millions of pounds.
The funding round is the company’s first round since 2019, raising £ 44m from backers such as Japan-based SBI Group and Augmentum Fintech.
Founded by George Bevis in 2015, Tide offers mobile-first banking services for small businesses.
Today, it has over 300,000 customers and a UK SME bank share of over 5.5%.
Tide is competing in the increasingly crowded digital payments market, with rivals such as Revolut and Monzo competing to stay ahead of the crowd.
In December, the London-based company announced the launch of its first payroll service to expand its offering to small business customers.
Tide, led by CEO Oliver Prill, appointed Sage Group’s retired chairman, Sir Donald Brydon, as the new chairman last year.
Apax, a UK private-equity fund, established a $ 1 billion digital fund in 2017 to invest in high-growth technology and internet companies around the world.
The bet includes Guesty, a real estate management software company, and Classpass, a fitness subscription service.
FTP artners, a San Francisco-based investment bank focused on the fintech industry, advises on funding rounds.
Tide declined to comment. We asked Apax for comment.
£ 350m soars after Apax Digital funding
Source link £ 350m soars after Apax Digital funding