Tide, the fast-growing SME-focused banking companies platform, is lining up a recent share sale valued at greater than £50m because it expands its presence within the UK and overseas.
The corporate is known to be in discussions with funding banks, together with Morgan Stanley, about overseeing the first fundraising within the coming months.
Sources say the most recent spherical might contain issuing new inventory in addition to giving present shareholders the chance to promote a part of their stake. It stays unclear at what valuation the brand new capital shall be raised.
Based in 2015 by George Bevis and Errol Damelin, Tide started buying and selling two years later. The corporate at present offers enterprise present accounts and a set of related companies – starting from invoicing to accounting – to 650,000 small- and medium-sized enterprise (SME) “members” within the UK, giving it an estimated 11% market share.
Tide, which employs roughly 2,000 individuals, has additionally been rising internationally. It now serves 400,000 SMEs in India, whereas Might 2024 noticed its launch in Germany. Its backers embody Apax Companions, Augmentum Fintech and LocalGlobe, and it’s chaired by Metropolis grandee Sir Donald Brydon.
A spokesperson for Tide declined to remark.
