Tide, the fast-growing SME-focused banking services platform, is lining up a fresh share sale valued at more than £50m as it expands its presence in the UK and abroad.
The company is understood to be in discussions with investment banks, including Morgan Stanley, about overseeing the primary fundraising in the coming months.
Sources say the latest round may involve issuing new stock as well as giving existing shareholders the opportunity to sell part of their stake. It remains unclear at what valuation the new capital will be raised.
Founded in 2015 by George Bevis and Errol Damelin, Tide began trading two years later. The company currently provides business current accounts and a suite of connected services – ranging from invoicing to accounting – to 650,000 small- and medium-sized enterprise (SME) “members” in the UK, giving it an estimated 11% market share.
Tide, which employs roughly 2,000 people, has also been growing internationally. It now serves 400,000 SMEs in India, while May 2024 saw its launch in Germany. Its backers include Apax Partners, Augmentum Fintech and LocalGlobe, and it is chaired by City grandee Sir Donald Brydon.
A spokesperson for Tide declined to comment.
Jamie Young
Jamie is a seasoned business journalist and Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops to stay at the forefront of emerging trends.
When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs, sharing their wealth of knowledge to inspire the next generation of business leaders.
