UK-based Fintech Tide has entered the Unicorn Club with a fresh $120 million funding led by TPG. This is because the startups serve more than 1.6 million micro and small businesses worldwide, with over half of them based in India and in the company’s largest and fastest market.
New Rounds – A mix of primary and secondary investments, but the startup refused to confirm the exact split, while the 8-year-old startsup is valued at $1.5 billion. It includes stock sales by employees, early angels and small minority investors. TPG supported the round through The Rise Fund, a multi-sector impact vehicle that invests in over 85 mission-driven companies. Existing investor Apax Digital Funds also participated.
Globally, micro and small businesses, including contractors, freelancers and solopreneurs, spend a considerable amount of time on business management tasks such as accounting, invoices, taxes, loan protection, and managing payments and expenses. Traditional banking and fintech startups serve this segment, but most solutions are not built on their own needs. Tide’s objectives aim to change it with an integrated business platform, providing tailored tools such as accounting integration, invoices, business loans, asset finance, payroll, expense cards, and even company registration.
First launched in the UK in 2017, Tide expanded to India in December 2022, employing around 60 million micro and small businesses, employing around 60 million small businesses, according to recent Indian government data. Since entering the country, Tide has onboarded over 800,000 Indian companies, known as “members,” nearly 800,000 people, surpassing the UK member base. In the UK, where the tide is already profitable, the company serves approximately 14% of the country’s small business market.
“There’s a big trend in formalization, so our biggest enemy is cash, not our competitors,” said Oliver Prill, CEO of Tide in an interview.
“In India, there’s debate because growth rates have been slower a bit, but that’s still a very impressive growth rate. Looking at continental Europe or the UK, the growth rate is much lower,” he told TechCrunch.
Tide estimates that around 4 million micro and small businesses are launched in India every year. These companies typically seek support in areas such as access to formal credit, accepting payments for a unified payment interface (UPI) supported by the Indian government, and navigation of goods and services taxes, which are the indirect tax system of the country. Tide offers them through a digital platform that can be used as an app on both iOS and Android.
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The UK startup expects to be powered by one million companies in India by the end of this year, and has already seen strong demand from tier three cities and beyond (see small, unurbanized towns with limited digital and financial infrastructure).
In India, Tide works with around 25 lenders on its platform to promote the credit of small businesses and recommend partners based on the needs of each business. The company also offers services such as fixed deposits, bill payments, bank transfers and cash withdrawals through ATMs.
In addition to the UK and India, Tide launched in Germany in May 2024 and expanded to France earlier this month. The startup offers tailored experiences in each market, including local language support.
With the new funding, Tide will further expand geographically, bolster its products and invest in Agent AI.
The startup already covers a variety of financial and management services, but there are still some gaps. “We see that in the coming months and quarter, we will see some major developments in that area,” Prill said, noting the upcoming release of the product, which has been made possible by the latest funding round.
Tide currently employs more than 2,500 people across its global operations.
