Tide, the fast-growing SME-focused banking platform, is set to sell more than £50 million worth of new shares as it expands its presence in the UK and beyond.
The company is understood to be in discussions with investment banks, including Morgan Stanley, about overseeing its initial fundraising in the coming months.
Sources say the latest round may include issuing new shares in addition to giving existing shareholders the opportunity to sell part of their stake. It is still unclear at what valuation the new capital will be raised.
Tide was founded in 2015 by George Bevis and Errol Damelin, and began trading two years later. The company currently provides business current accounts and a range of connected services – from invoicing to accounting – to 650,000 SME ‘members’ in the UK, giving it an estimated market share of around 11%.
Tide, which employs nearly 2,000 people, has also grown internationally. It now serves 400,000 SMEs in India, while May 2024 will see its launch in Germany. Its backers include Apax Partners, Augmentum Fintech and LocalGlobe, and it is chaired by Sir Donald Brydon, one of the city’s leading figures.
A Tide spokesman declined to comment.
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