Business banking platform Tide has raised £44.1 million in a first round of Series B funding.

The latest round, led by Japanese FinTech investment firm The SBI Group and European FinTech VC Augmentum FinTech, takes the firm's total funding to more than £130 million since it was founded in 2015.

The FinTech said it would use the money to continue its expansion into the UK business banking market, as well as supporting its plans for international growth.

Tide offers its members business banking services without monthly, weekly, annual, or card usage fees. It does not hold a banking licence, but operates as a digital business banking platform offering financial and admin services to small and medium-sized enterprises.

While most services are free, there are charges for transfers from non-Tide accounts, ATM use and cash deposits at the Post Office.

The funding comes after Tide’s partner ClearBank secured a £60 million grant from the RBS Alternative Remedies Package. Tide subsequently committed to raise an additional £60 million in upcoming funding rounds.

Combined with ClearBank’s payments infrastructure, Tide said it was targeting a UK market share of the business banking market of at least eight per cent by 2023, compared to the 1.75 per cent milestone it hit in August, with 100,000 members.

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