Tide Becomes Unicorn with $120 Million Funding as India Emerges Its Largest Market

U.K.-based fintech firm Tide has formally joined the unicorn club after raising $120 million in new funding, headed by TPG's impact investment fund, The Rise Fund. The new funding pegs Tide at $1.5 billion, ranking among the fastest-growing fintech companies catering to micro and small businesses (MSEs) worldwide. This achievement places Tide among the ranks of fintech giants that are transforming the future of small business banking and digital financial services.

Tide's Success with Lightning Growth and New Valuation

Started in 2017, Tide has grown into a solid platform providing digital financial services specifically for small businesses, freelancers, and entrepreneurs. The recent funding round was a combination of primary and secondary investment, including share sales by employees, early angels, and minority investors. Existing investor Apax Digital Funds joined TPG in the investment as well.

What lends this funding more importance is Tide's global presence, with 1.6 million members around the world, of whom more than 50% are from India. This makes India not only Tide's largest but also its fastest-growing market, even bigger than its home ground, the U.K.

Why Tide Stands Out in the Fintech Space

While traditional banks and fintech firms provide services to small businesses, most lack solutions tailored to the specific needs of MSEs. Tide addresses this gap by offering a unified business banking platform. Its key services include:

• Accounting integrations to simplify bookkeeping

• Automated invoicing and payment management

• Business loans and asset finance for growth

• Payroll and expense cards for better cash flow management

• Company registration support for new entrepreneurs

By integrating multiple business tools into one platform, Tide reduces the time small business owners spend on administrative tasks like taxes, accounting, and expense tracking allowing them to focus on growth.

Tide's Biggest and Most Potential Market

Tide launched in India in December 2022, looking at the massive potential of India's 60 million micro and small enterprises that employ over 250 million individuals. In less than two years, Tide has already registered more than 800,000 Indian businesses, outpacing its U.K. membership base of almost the same figure.

In India, the startup provides services via its iOS and Android app, serving businesses that require access to formal credit, UPI payments, GST compliance, and expense management. Tide India CEO Gurjodhpal Singh pointed out that the platform is also gaining strong traction from tier-3 cities and smaller towns that have traditionally been denied access to modern financial instruments.

CEO Oliver Prill also underscored that India continues to be a priority for Tide despite economic downturns across the world. As per him, the company's greatest rival is not other fintechs, but the dominance of cash payments, which Tide is in the process of digitizing.

Credit and Partnerships in India

Tide has established a robust ecosystem in India through collaborations with 25+ lenders to offer customized credit products for small businesses. In addition to loans, the platform supports services like fixed deposits, bill payments, bank transfers, and ATM withdrawals. With this converged strategy, Tide is positioned as more than a digital bank — it is becoming a full-fledged business management partner to India's entrepreneurs.

Global Expansion and Future Plans

Outside India and the U.K., Tide has been expanding rapidly in Europe. In May 2024, it opened in Germany, with France following this month, each providing localized experiences, such as native language support.

The freshly raised capital will fuel Tide's geographic growth, product developments, and AI innovation. The firm is set to invest in agentic AI solutions that will continue to streamline business management work, filling existing gaps in its service offering. The next few quarters will witness "major product developments," says CEO Prill, as Tide continues to develop its fintech ecosystem.

Tide's Global Workforce and Mission

Tide now has more than 2,500 staff members globally, and it's helping its expanding global membership. Its purpose is still the same: empowering micro and small businesses with the tools to thrive in the digital economy.

With its unicorn status and strong base in India, Tide is well-positioned to take a leading role in shaping the future of small business finance — not only in mature markets such as the U.K., but also in high-growth ecosystems such as India, where digital transformation is surging at record velocity.