UK-based digital business software provider Tide received just over $100m yesterday in a series C round backed by financial services provider SBI Group, valuing the company at more than $650m.
Apax Digital, the growth division of private equity firm Apax Partners, led the round, which also featured Anthemis, Augmentum Fintech, LocalGlobe, SpeedInvest and Jigsaw.
Tide provides small and medium-sized businesses with digital banking services including current accounts, real-time balance updates, automated bookkeeping and integrated invoicing. It claims 350,000 members and more than 400,000 business accounts, serving about 6% of UK businesses.
This round takes the overall funding raised by the company to $200m, it said. It has also been awarded, in partnership with ClearBank, nearly $120m in grants from financial services firm RBS’s Alternative Remedies Package.
The funding will support Tide in further developing its financial platform, growing its market share and expanding globally. It plans to now enter the Indian market with a full launch of its platform scheduled for 2022.
Tide secured $54.3m in a late 2019 series B round co-led by SBI Investment, a corporate venturing subsidiary of SBI Group, and Augmentum Fintech, at a valuation of almost $250m. It followed $10.8m in funding from investors including Augmentum Fintech in 2018.
The company had previously raised $16m across a 2016 seed round and a 2017 series A, from Creandum, Anthemis, Passion Capital, LocalGlobe and assorted angel investors.