Tide reportedly lands Apax Digital investment

Friday 11 June 2021 11:00 CET | News

Digital banking group Tide has closed in on a new round of funding led by the growth arm of UK-based private equity firm Apax Digital Fund, according to Sky News.

Sky News has learnt that the Apax Digital Fund is close to finalising an injection of tens of millions of pounds into Tide in a deal that is understood to value the company at around GBP 350 million. Sources said the funding round - Tide's first since 2019 - was likely to be publicly confirmed later this in June 2021.

Tide has built a customer base of nearly 350,000 small and medium-sized enterprises, accounting for a UK SME banking market share of over 5.5%. Tide's existing investors include Augmentum Fintech, the listed backer of fast-growing digital financial companies, LocalGlobe, and The SBI Group, a Japan-based investor. FT Partners, the US-based investment bank which focuses on the burgeoning fintech industry, is advising on the funding round.

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Keywords: digital banking, neobanks, investment
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech