£ 350million explodes after Apax Digital funding
British fintech Tide is reportedly approaching a valuation of £ 350million following a further injection of cash from the growth arm of private equity fund Apax Partners.
According to Sky News, Apax Digital Fund has made an investment in a business banking platform worth tens of millions of pounds.
The funding round is the company’s first funding round since 2019, raising £ 44million from backers such as Japanese group SBI and Augmentum Fintech.
Founded by George Bevis in 2015, Tide offers mobile banking services to small businesses.
Today it has over 300,000 clients and a UK SME banking share of over 5.5%.
Tide competes in the increasingly crowded digital payments marketplace, with rivals such as Revolut and Monzo competing to stay ahead of the crowd.
In December, the London-based company announced it was launching its first payroll service to expand its offering to small businesses.
Tide, led by CEO Oliver Prill, appointed retired Sage Group chairman Sir Donald Brydon as new chairman last year.
Apax, a UK private equity fund, created a $ 1 billion digital fund in 2017 to invest in high-growth technology and internet companies around the world.
The bet includes Guesty, a property management software company, and Classpass, a fitness subscription service.
FTP artners, a San Francisco-based investment bank specializing in the financial technology sector, advises on fundraising.
Tide declined to comment. We asked Apax to comment.
£ 350million soars after Apax Digital funding
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