Mumbai: UK-based Tide has raised over $120 million in a funding round led by TPG, valuing the fintech company at $1.5 billion. Tide, which counts India as its fastest-growing market, was previously valued at around $650 million in 2021, according to data from market intelligence platform Tracxn.
Apart from TPG’s The Rise Funds, Tide’s existing investor Apax Digital Funds also invested in its latest fundraising round, the company said in a statement on 22 September.
The $120 million fundraise included existing shareholders in Tide selling some of their stake to other investors.
Tide added that it will use the funds to accelerate its international expansion, product development, and invest in agentic artificial intelligence—AI capable of taking actions without human intervention.
“Securing this investment from TPG is a major milestone for Tide and a strong endorsement of our growth as the leading global business management platform serving 1.6m members worldwide,” Oliver Prill, chief executive of Tide, said in the statement.
TPG partner Yemi Lalude will join Tide’s board as part of the investment.
In May, Tide secured a £100 million in securitisation debt from Fasanara Capital to expand its short-term cash flow management products in the UK, according to media reports.
Before that, the company raised $100 million in equity in July 2021, taking its total equity fundraise to $180 million from investors including TriplePoint Capital, State Bank of India, Apax Digital Funds, Augmentum Fintech, and Creandum.
Founded in 2017, Tide offers digital-first business accounts and integrated administrative solutions such as invoicing, expense management, accounting, payments, and credit products. The company employs more than 2,500 people globally.
Tide launched its operations in India in late 2022 and has more than 800,000 small and medium enterprise clients in the country.
“This strategic investment marks a pivotal moment for Tide in India. It strengthens our ability to scale rapidly and reinforces India’s role as a key driver of our global growth,” said Gurjodhpal Singh, CEO of Tide India.
Tide has a 14% share of the UK market with nearly 800,000 SME members. In December, the company launched in Germany, and in September this year, it opened its operations in France.
Morgan Stanley was Tide’s exclusive financial advisor and placement agent for its latest fundraise, while Torch Partners advised TPG.
Tide reported revenue of £177.2 million for 2023-24 and losses of £14.2 million. Its FY25 numbers aren’t available.