The funding helps Tide achieve a valuation of $650M. Here are the top-line bullets you need to know.
Tide, a financial technology platform for enterprises, has raised $100M in a Series C that drew participation from Apax Partners, Speedinvest, and Anthemis, among others.
How’s the company performing?
- UK-based Tide is a financial technology platform that provides small businesses with banking services. Users can auto-categorize transactions, attach invoices and receipts, export to accounting software through its platform. The company has 350K customers.
- The RBS Alternative Remedies Package has also awarded the company, in collaboration with ClearBank, about $120M in grants.
Source: Tide
Why does the market matter?
- The global digital banking market is projected to grow at a CAGR of 8.9% to reach a value of $1.61T by 2027, according to Research Dive.
- According to Juniper Research, 3.6B individuals — roughly 1 in every 2 adults — will use digital banking services, by 2024. These include mobile as well as desktop platforms.
- Global shutdowns and branch closures spurred the adoption of digital banking during the Covid-19 outbreak.
- According to an Adjust and Apptopia poll, global mobile banking and payment app usage increased by 26% in the first half of 2020 compared to the same period in 2019.
