Tide has received £8m of new funding as it plans to move into its next stage of growth.
The SME banking service platform will use the funding to gear up for expansion and develop more features to ease the administrative burden faced by SMEs.
Tide’s existing investors Anthemis, Creandum and Passion Capital have been joined by new investor Augmentum.
This comes as the company welcomed its new CEO, Oliver Prill (pictured above), in July 2018.
“I look forward to working with the team, existing investors and now Augmentum to achieve our ambitions and deliver the banking service that SMEs deserve,” said Oliver.
Eileen Burbidge, chair of Tide, added: “On behalf of all the board and team members at Tide, it is a pleasure to welcome Oliver and new investor Augmentum to the incredibly strong team and proposition that we have at Tide.
“After commendable vision and founding by George Bevis, we’re all incredibly enthusiastic about what the next chapters will bring.
“Continued investor appetite and our growing member community are both strong endorsements of Tide’s unique and valuable proposition.”
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