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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