U.K.-based fintech Tide has become a unicorn following a $120 million funding round led by TPG’s The Rise Fund, which values the company at $1.5 billion. Existing backer Apax Digital Funds also joined the round, which included both primary and secondary investments.
Founded in 2017, Tide offers a unified digital platform tailored for micro and small enterprises, providing tools for accounting, invoicing, business loans, payroll, expense cards, and company registration. The company has over 1.6 million members worldwide, with India emerging as its largest and fastest-growing market, representing more than half of its base. Since expanding into India in late 2022, Tide has onboarded over 800,000 Indian businesses, surpassing its U.K. membership of nearly 800,000.
CEO Oliver Prill emphasized that Tide’s main challenge is replacing cash with digital solutions. With four million new small businesses launching annually in India, Tide is positioning itself as a critical enabler of their financial formalization.
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