Augmentum co-leads £44m series-B for challenger bank Tide

According to press reports, the fundraising values the company at more than £200m.

SBI deployed capital from its SBI AI & Blockchain Fund to invest in Tide.

Augmentum Fintech is a London-listed VC vehicle launched by retail investment trust fund manager Augmentum Capital. The fund is dedicated to making early-stage investments in fintech companies based in the UK and mainland Europe.

It was launched with a target of £125m on January 2018, which was later reduced to £100m. The fund raised £94m via its listing on the London Stock Exchange in March 2018. 

Tide intends to use the fresh financing to consolidate its market position and scale up its team.

Previous funding
Tide received an initial $2m seed investment from Passion Capital and LocalGlobal in 2016.

The company raised a $14m series-A funding round from Creandum and Anthemis in July 2017, with participation from previous backers Passion Capital and LocalGlobe.

Augmentum Fintech invested £3m in Tide via a convertible note as part of an £8m funding round with participation from existing investors Anthemis, Creandum, Local Globe and Passion Capital in August 2018. 

More recently, by partnering up with ClearBank, Tide was granted £60m from the RBS Alternative Remedies Package in February 2019.

Subsequently, Augmentum Fintech injected an additional £5m in Tide in June 2019.

Company
Founded in 2015 and headquartered in London, Tide is a challenger bank that specialises in digital business banking for UK-based SMEs. It offers current account services and access to features that help businesses receive credit, accept card payments, manage accounting, expenses and foreign exchange. The company employs a staff of 80 people.

People
Augmentum Fintech - Tim Levene (CEO).
Tide - Oliver Prill (CEO).

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• Topics
• Expansion
• UK / Ireland
• Financials
• Venture
• United Kingdom