This investment round was led by SBI Group and Augment. Notably, the RFV deal was structured through an SPV that is managed by Anthemis Group, a major early-stage investor in Tide and one of the most active fintech investors.
Jeroen van Doornik, Partner at RFV, said:
This investment in Tide will generate valuable insights regarding innovation and development in SME banking and further allows us to work together with Anthemis and alongside existing investors such as LocalGlobe.
The funding will help Tide substantially increase its share of the UK business banking market, as well as to support the company’s planned international expansion.
Designed for SMEs and sole traders
If you are unaware, Tide is a fintech and banking company in the UK offering banking service designed for SMEs and sole traders providing them with a curated offering of the best financial products sourced from third-party partners.
With this platform, customers can manage their accounts through the app or the web browser without the need to visit a branch. The company aims to create a digital banking platform targeting a UK market share of 8% within four years.
Surpassed 100,000 users!
The London-based fintech platform has already surpassed 100,000 users, thanks to the demand for better customer service, lower costs, and less bureaucracy. Overall, Tide has raised more than £130 million (€151 million) to fuel its growth plans.
Oliver Prill, CEO of Tide, 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. We believe this is one of the largest Series B rounds ever secured by a UK fintech company. 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.
Rabo Frontier Ventures!
RFV is a €150 million investment fund of Rabobank, focusing globally on innovative fintech and agtech companies. RFV aims to invest in the early growth stage (series B) of companies that are disrupting or influencing the current business of the Rabobank.
Main image credit: Tide
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