U.K.’s Tide Raises $120M, Enters Unicorn Club and Expands Globally with Focus on India’s Micro and Small Businesses
Fintech company Tide, headquartered in the UK, has achieved unicorn status following a $120 million fundraising round led by TPG. This new investment values the eight-year-old startup at $1.5 billion and brings its total number of global clients serving micro and small enterprises to over 1.6 million. Notably, more than half of these businesses are based in India, marking the country as Tide’s largest and fastest-growing market.
The investment round combines primary and secondary funding, although the startup declined to specify the exact allocation. Proceeds came from employee share sales, early angel investors, and minority stakeholders. TPG invested through The Rise Fund, its multi-sector impact vehicle that has supported over 85 mission-driven companies. Apax Digital Funds, an existing investor, also participated in the round.
Micro and small enterprises, including contractors, freelancers, and solopreneurs, face a myriad of business management challenges such as accounting, invoicing, tax compliance, loan procurement, and expense management. While traditional banks and fintech startups cater to this segment, most solutions do not address their unique requirements effectively. Tide aims to bridge this gap by offering a comprehensive business platform featuring tailored tools like accounting integrations, invoicing, business loans, asset finance, payroll services, expense cards, and company registration.
Tide first entered the market in the UK in 2017 before expanding into India in December 2022 to tap into the country’s extensive network of small enterprises—approximately 60 million micro and small businesses that employ over 250 million people, according to recent government data. Since its Indian debut, Tide has onboarded more than 800,000 local businesses, surpassing its UK member base of nearly 800,000. In the UK, where Tide already operates profitably, it caters to approximately 14% of the country’s small and medium-sized business sector.
According to Oliver Prill, CEO of Tide, “There is a significant trend towards formalization. Our main competition isn’t other players but cash.”
Prill noted that while growth in India has slowed slightly compared to other regions like continental Europe or the UK, it still represents an impressive pace. He also emphasized that around four million new micro and small businesses are established in India every year, creating a significant opportunity for Tide’s services. These businesses often require assistance with tasks such as accessing formal credit, adopting Indian government-backed Unified Payments Interface (UPI) for digital payments, and navigating the country’s indirect tax system, Goods and Services Tax.
Tide provides these services through its digital platform, available as an app on both iOS and Android devices. The company anticipates reaching one million Indian businesses by year-end and has already observed strong demand from tier-3 cities and beyond—smaller, less urbanized towns with limited digital and financial infrastructure.
In India, Tide collaborates with approximately 25 lenders to facilitate credit for small businesses, matching partners based on each business’s specific needs. The company also offers services such as fixed deposits, bill payments, bank transfers, and cash withdrawals through ATMs.
Beyond the UK and India, Tide launched operations in Germany in May 2024 and recently expanded into France. The startup tailors its offerings to meet the unique needs of each market and provides local language support.
With the fresh funding, Tide plans to accelerate geographic expansion, enhance its product offerings, and invest in agentic AI technology. The company continues to grow, employing over 2,500 people across its global operations.
