TPG has led a $120m funding round in UK-based fintech Tide Holdings, propelling the SME banking platform to a valuation of $1.5bn. The raise included fresh capital alongside a secondary sale to provide liquidity for early investors and employees, according to a report by Bloomberg.
Existing backer Apax Digital Funds also participated in the round.
Founded in London nearly a decade ago, Tide provides business banking and management services to 1.6m SMEs across the UK, India, and Germany, and this month launched in France. The company was last valued at around $650m in 2021.
CEO Oliver Prill said the new valuation “validates the progress Tide has made,” and confirmed the proceeds will fund new products, AI investment, and international expansion, with a particular focus on scaling operations across continental Europe.
Tide’s UK business is already profitable, Prill noted, enabling the firm to reinvest in growth. While he did not rule out a future listing in London, he cautioned that the UK must strengthen its capital markets to compete with the US.
