Tide, a mobile-only banking service in the UK for small businesses, has completed a $14m Series A funding round.
The funding round was led by London-based investment firm Anthemis, and venture capital fund Creandum. Existing investors Passion Capital and LocalGlobe also participated in the latest fundraising.
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The fund will be used to develop the fintech’s new features and also to expand the number of employees at the firm’s London office.
Tide founder and CEO George Bevis said: “Britain’s smaller firms have been let down by traditional banks, which often charge vulnerable companies eye-watering fees and keep them waiting weeks to open a business account.
“By providing our members an instant, transparent business credit facility, which for some was difficult to obtain on the high-street, we’re also making it easier for small and medium-sized companies to get the finance they need to grow.”
At the same time, Tide also announced a tie-up with online lender iwoca. The alliance will offer Tide users loans of up to £100,000, starting from the middle of 2017.
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By GlobalDataiwoca CEO and co-founder Christoph Rieche said: “Tide have built the integration on top of iwoca’s new Lending API, an industry first solution which opens up our award-winning platform to partners allowing them to fund small businesses directly.”
