U.K.-based Fintech Tide Joins Unicorn Club with $120 Million Funding Round
Tide, a U.K.-based fintech company, has recently achieved unicorn status with a new funding round of $120 million led by TPG. The startup now serves over 1.6 million micro and small enterprises globally, with more than half of them located in India, which is the company’s largest and fastest-growing market.
The latest funding round, which includes both primary and secondary investments, values Tide at $1.5 billion. TPG’s multi-sector impact vehicle, The Rise Fund, led the round, with participation from existing investor Apax Digital Funds.
Empowering Micro and Small Enterprises Globally
Micro and small enterprises worldwide, including contractors, freelancers, and solopreneurs, often spend a significant amount of time on business management tasks such as accounting, invoicing, taxes, and securing loans. Tide aims to address the unique needs of this segment with its unified business platform, offering a range of tailored tools and services.
Initially launched in the U.K. in 2017, Tide expanded its operations to India in December 2022 to tap into the country’s vast market of small enterprises. Since entering the Indian market, Tide has onboarded over 800,000 businesses, surpassing its U.K. member base. The company serves around 14% of the U.K.’s small and medium business market and aims to onboard one million businesses in India by the end of this year.
Expanding Geographically and Enhancing Product Offerings
With the latest funding, Tide plans to further expand geographically, enhance its product offerings, and invest in agentic AI. The company currently works with around 25 lenders in India to facilitate credit for small businesses and offers services such as fixed deposits, bill payments, bank transfers, and cash withdrawals through ATMs.
In addition to the U.K. and India, Tide has also expanded its operations to Germany and France, offering tailored experiences in each market with local language support. The company is committed to filling gaps in its services and launching new products in the coming months.
Tide’s CEO, Oliver Prill, highlighted the company’s focus on supporting the formalization of businesses, particularly in cash-driven economies. With over 2,500 employees globally, Tide is poised for continued growth and innovation in the fintech sector.
