Tide, a prominent business management platform based in London, has achieved a significant milestone by securing $120 million in funding from TPG. This financial boost elevates Tide’s valuation to $1.5 billion, granting it coveted unicorn status. The newly acquired funds will primarily fuel Tide’s ambitious international expansion and assist in advancing the development of agentic AI. With a specific focus on small and medium-sized businesses (SMBs), Tide aims to streamline business management through its comprehensive platform, which includes offerings like business accounts, invoicing, accounting, and more. The company’s rapid evolution signifies a strong position in the market both in the UK and globally.
In recent times, Tide has been steadily increasing its influence, having successfully widened its market presence in India while making inroads into Germany and France. Previously, the company focused on gaining a strong foothold in the UK, amassing a substantial share of the SMB market. This latest funding round, supported by TPG and other existing investors, marks a shift towards aggressive international growth, allowing Tide to offer its full suite of products globally.
What Will Tide Achieve With the New Funding?
The fresh capital injection will pave the way for Tide’s international expansion, enhancing product development capabilities and fostering AI investment.
“This funding will accelerate our international expansion, building on our successful UK business,”
stated Oliver Prill, CEO of Tide. The company plans to extend its seamless business management solutions beyond its current key markets and enter France with a specific focus on providing affordable credit solutions. By doing so, Tide seeks to replicate its success across all international territories, aiming to support and empower more SMBs worldwide.
How Does Tide Support Small Businesses?
Tide’s suite of integrated solutions is specifically designed to alleviate the administrative burdens faced by SMBs. The platform offers a variety of tools including expense management, payroll, and payment solutions, thereby reducing the time and resources associated with business management tasks. Alongside business accounts and credit options, the platform’s services simplify operations for SMBs, allowing owners to focus on core business activities. Currently, Tide serves over 800,000 SMBs in both the UK and India, expanding rapidly into other regions.
Established in 2017, Tide has quickly emerged as a leading provider of business management solutions. Built with SMBs in mind, the platform provides comprehensive tools that integrate seamlessly with existing workflows. Benefiting from collaborations with multiple investors like Apax Digital Funds and Augmentum Fintech, the company employs over 2,500 people globally. This team supports their 1.6 million members who rely on Tide’s services for efficient business operations in the UK, India, Germany, and now France.
The strategic addition of TPG’s Yemi Lalude to Tide’s board further highlights the importance of this funding phase.
“Tide has built an industry-leading platform that empowers small businesses to thrive,”
said Lalude. The partnership between Tide and TPG signifies a mutual commitment to advancing financial inclusion and enhancing business operations globally.
Drawing insights from Tide’s growth narrative, it becomes evident that the brand is set on transforming its international footprint. By tailoring its offerings to meet diverse market needs, Tide reinforces its commitment to democratizing access to business tools and financial services for small enterprises. Additionally, the company’s strategic use of AI innovation is poised to further streamline small business management tasks, ensuring time-saving solutions for entrepreneurs worldwide.
Tide’s trajectory illustrates a robust vision for global expansion while highlighting the company’s dedication to addressing the unique needs of SMBs. Such an approach is poised to foster greater inclusivity within the business ecosystem, ensuring that small enterprises are equipped with the necessary tools to scale efficiently and successfully in diverse market environments.
