Tide, the London-based FinTech specialising in business banking and management services, has joined the ranks of the UK’s unicorns after raising $120 million in a funding round led by TPG, with participation from existing investor Apax Digital Funds.

The investment values the company at $1.5 billion and is a mix of new equity and secondary share sales, allowing early investors and employees to realise some of their gains.

Founded in 2017, Tide has rapidly established itself as a major player in the small and medium-sized business (SMB) market, now serving over 1.6 million members worldwide. The company’s platform offers a suite of services including business accounts, accounting tools, invoicing, and website building, targeting the unique needs of SMBs. Tide’s chief executive officer, Oliver Prill, described the investment as “a major milestone for Tide and a strong endorsement of our growth as the leading global business management platform serving 1.6 million members worldwide”.

The new capital will be used to accelerate Tide’s international expansion, support product development, and advance its investment in agentic artificial intelligence. The company has recently launched operations in France and Germany, and has seen particularly strong growth in India, where it now supports over 800,000 members. Prill noted: “This funding will accelerate our international expansion, building on our highly successful and profitable UK business, where we support nearly 800,000 members with 14 per cent of the SMB market. In India, we’ve seen rapid growth and now support over 800,000 Tide members”.

TPG’s investment was made through its impact investment platform, The Rise Fund, and includes a board seat for TPG partner Yemi Lalude. The round also saw share sales from employees, ex-employees, early angels, and minority investors, reflecting the company’s commitment to rewarding early stakeholders.

Tide’s expansion strategy is underpinned by its focus on product innovation, particularly in the area of agentic AI, which aims to automate a wide range of business tasks. “Tide is already adopting AI at pace, and the investment will allow us to accelerate this,” said Prill.

With a presence in the UK, India, Germany, and France, and a growing global workforce, Tide is positioning itself as a leader in digital business banking for the world’s small enterprises. The company’s latest funding round places it alongside other high-profile UK FinTechs such as Revolut and Monzo, both of which have also achieved unicorn status in recent years.

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