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Wednesday, October 23, 2019

News

Tide raises £44m in Series B funding round

Theo Osborn | 14:25 Monday 7th October 2019

Tide has raised £44.1m in the first round of its Series B funding.

The round was led by the SBI Group and Augmentum Fintech, with a second round of funding expected to close by the end of the year.

The finance will help Tide to increase its share of the UK business banking market, as well as supporting its planned international expansion.

Oliver Prill, CEO at Tide (pictured above), said: “Securing this substantial investment from successful fintech investors like the SBI Group and Augmentum, underlines how far the business has come in a short time. 

“As we outlined earlier this year, securing more funding means we can accelerate our strategy to capture a significant share of the UK SME banking market. 

“We want to challenge the oligopoly that has dominated and failed SMEs for too long.

“With a clear plan for growth in the UK backed by significant investment, we are ready for an exciting future, which includes looking at taking Tide to an international market.”

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