Banking start-up, Tide has received $14 million which is one of the largest series A round financing closed by a Fin-Tech company this year in the UK. The round was led by fintech investor Anthemis, along with Passion Capital, LocalGlobe and Creandum.
Launched in early 2016 by former RBS/Worldpay head of innovation George Bevis, Tide is a mobile-first banking service built specifically for small and medium enterprise customers. Alongside banking and payment facilities, it also provides invoicing and book-keeping services which aim to ease the administrative burdens faced by small companies.
Founder George Bevis, said, “Our investors believe there is a real opportunity to support and champion small and medium-sized companies in the wake of Brexit. Britain’s smaller firms have been let down by traditional banks, which often charge vulnerable companies eye-watering fees and keep them waiting weeks to open a business account.”
“By providing our members an instant, transparent business credit facility, which for some was difficult to obtain on the high-street, we’re also making it easier for small and medium-sized companies to get the finance they need to grow,” he added.
The London-based company, which is seeking to facilitate current accounts for small businesses, closed a $2m Seed last year and is also unveiling a partnership with Iwoca, a FinTech company which offers business loans. Iwoca will offer Tide customers loans of up to £100,000 from later this summer.
Christoph Rieche, CEO and co-founder of iwoca, comments: “Iwoca’s innovative tie-up with Tide will enable small businesses to access finance without ever having to leave the Tide app, making the process fast, simple and hassle-free. Tide have built the integration on top of iwoca’s new Lending API, an industry first solution which opens up our award-winning platform to partners allowing them to fund small businesses directly.”
Tide, which currently employs 35 people in London, will use the money to grow its team and to bolster its marketing efforts. It will also develop more features to make online banking for small and medium-sized businesses more efficient.