Apax Partners has led a Series C round funding for UK business financial platform Tide, leading it to a $650m valuation. The firm said the new funding will be used to grow its market share and expand globally.
The firm carried out the $100m funding round through its Apax Digital II fund, and was joined by other investors including Anthemis, Augmentum, Jigsaw, Local Globe / Latitude, SBI, and SpeedInvest.
Apax said Tide had seen rapid and sustained growth since launching in 2017, and has doubled its user base in the UK last year. Tide currently serves around 6% of UK businesses, with 350,000 members in the country, and has plans to launch the platform in India next year.
In a joint statement Mark Beith, partner at Apax Digital, and Niccolò Ferragamo, principal at Apax Digital, said, “Small businesses are a key pillar of the economy. Yet, for years, they have been underserved by both financial services and software providers. Tide’s cutting-edge platform is empowering SMEs by providing frictionless, easy-to-use software for their financial needs. We are thrilled to partner with Oliver and the Tide team in their mission to simplify the lives of millions of small businesses globally.”
Kentucky Teacher’s Retirement System agreed last month to commit up to $50m to Apax Digital Fund II, just a few days after listed vehicle Apax Global Alpha agreed a $90m commitment. Details of the fundraise emerged in March through documents published by the Pennsylvania Public School Employees’ Retirement System, which agreed a $175m commitment.
Apax picked up $1bn for a hard cap close of its debut tech-focused fundraise in 2017.
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