What’s the story
UK-based fintech firm Tide has become a unicorn after raising $120 million in its latest funding round.
The investment was led by TPG, valuing the eight-year-old start-up at $1.5 billion. The round included share sales from employees, early angels, and some minority investors.
Existing investor Apax Digital Funds also participated in this round, while TPG led the investment through its multi-sector impact vehicle, The Rise Fund.
Tide’s India journey
Tide expanded into India in December 2022.
The move was aimed at tapping into India’s huge micro and small enterprise sector, around 60 million such businesses employing over 250 million people.
Since entering the Indian market, the firm has onboarded more than 800,000 Indian businesses, surpassing its UK member base.
Plans for the new funding
Tide provides a range of services like accounting integrations, invoicing, business loans, asset finance, payroll, expense cards, as well as company registration.
The firm works with around 25 lenders on its platform to provide credit for small businesses.
With the new funding round, Tide plans to expand further geographically, improve its product offering, and invest in agentic AI technology.