SME lender Tide rises to challenge with new fundraising
The ten year-old business banking platform has hired advisers to oversee a further share sale after accumulating an 11% share of the UK SME banking market, Paste BN learns.
Friday 3 January 2025 13:06, UK
Tide, the business banking services platform, has hired advisers to orchestrate a fresh share sale as it pursues rapid growth in the UK and overseas.
Paste BN understands that Tide has been holding talks with investment banks including Morgan Stanley about launching a primary fundraising worth in excess of £50m in the coming months.
The share sale may include both issuing new stock and enabling existing investors to participate by offloading part of their holdings, according to insiders.
It was unclear at what valuation any new funding would be raised.
Tide was founded in 2015 by George Bevis and Errol Damelin, before launching two years later.
It describes itself as the leading business financial platform in the UK, offering business accounts and related banking services.
The company also provides its 650,000 SME 'members' in the UK a set of connected administrative solutions from invoicing to accounting.
It now boasts a roughly 11% market share in Britain, along with 400,000 SMEs in India.
Tide, which employs about 2,000 people, also launched in Germany last May.
The company's investors include Apax Partners, Augmentum Fintech and LocalGlobe.
Be the first to get Breaking News
Install the Paste BN app for free
Chaired by the City grandee Sir Donald Brydon.
Tide declined to comment on Friday.