Tide has received $100 million in funding, valuing the British company at more than $650 million.

The UK business financial platform, which has been in operation for just four years, has now raised $200 million in funding to date.

The round was led by funds advised by Apax Digital, the growth equity team of Apax Partners. Anthemis, Augmentum, Jigsaw, Local Globe / Latitude, SBI, and SpeedInvest, existing investors, also participated in the round.

The company more than doubled its user base last year, bringing the number of members up to 350,000. Tide also now has more than 400,000 business accounts.

Earlier this year, Tide announced that it was expanding into India, with a full launch of the platform planned for 2022.

“Partnering with Apax Digital validates Tide’s potential to continue our growth trajectory and gain traction in global markets,” said Oliver Prill, Tide chief executive. “Tide’s growth story to date has been hugely exciting, creating a diverse platform that serves small business owners, as well as generating significant market share.”

Prill added: "As we embark on taking Tide international, we couldn’t have a better set of investors to support us. We look forward to working with Apax Digital to realise our ambition of becoming a leading global business financial platform.”

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