SME bank Tide feels pride with £8m investment
Tide, a UK-based banking platform for SMEs, has secured £8 million in a new funding round aimed to boost growth.
Augmentum has joined existing investors, such as Anthemis, Creandum and Passion Capital, to help the company prepare for expansion and develop more features to support SMEs.
Alongside the new capital, Oliver Prill recently joined the company last month as chief executive officer, having worked recently as chief operating officer at German online lender Kreditech.
“The big banks have never really focussed on small businesses. To them, small businesses are a low priority, which leads to poor service, products and processes,” says Prill.
Tide received a $14 million in a Series A last year, which was followed by a partnership with iwoca to provide loans.
Last year, Tide was experiencing a 10% growth per week, the CEO said back then.
The banking service is focused on mobile, and offers features such as automated book keeping, expenses and invoices management.
Here’s a cool thing: Tide has a vertical card, and got it way before Starling did.
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