Mobile-first SME banking platform Tide has raised $14 million in one of the largest Series A investment rounds closed by a FinTech company this year.

The round has been led by specialist FinTech investor Anthemis, alongside Creandum, the Scandinavian fund that has backed global leaders including Spotify and iZettle.

The new money will be used to expand Tide’s workforce at its central London headquarters and develop more features to help the UK’s small and medium-sized businesses manage their finances quickly and efficiently. Existing investors Passion Capital and LocalGlobe have also participated in the round, which follows the $2 million seed investment last year.

The fundraising coincides with the announcement of a partnership with online lender iwoca, which will offer Tide’s members loans of up to £100,000 from later this summer.

George Bevis, Tide founder and CEO, said: “Our investors believe there is a real opportunity to support and champion small and medium-sized companies in the wake of Brexit. 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.”

Christoph Rieche, CEO and co-founder of iwoca, added: “iwoca’s innovative tie-up with Tide will enable small businesses to access finance without ever having to leave the Tide app, making the process fast, simple and hassle-free.”

Share Story: