Overview of Transaction

• On July 12, 2021, Tide announced a $100+ million Series C financing round
• The oversubscribed round is led by funds advised by Apax Digital (growth equity team of Apax Partners) as well as participation from existing investors Anthemis, Augmentum, Jigsaw, Local Globe / Latitude, SBI, and SpeedInvest
• Tide is the emerging leader in SME challenger banking in the UK, serving around 6% of UK businesses
• Since launching in 2017, Tide has experienced rapid and sustained growth
• The business more than doubled its user base in the UK in 2020
• Now Tide holds over 350,000 members, over 400,000 business accounts and a proposition ranging from business banking to payments and accounting software
• Tide, in partnership with ClearBank, has also been awarded a total of nearly $120 million in grants from the RBS Alternative Remedies Package

Significance of Transaction

• The new funding puts Tide in a position to continue to develop its business financial platform, expand its market share, as well as expand globally
• Earlier this year, Tide announced that it was expanding into India, with a full launch of the platform planned for 2022

FT Partners' Role

• FT Partners served as the exclusive strategic and financial advisor to Tide on this transaction
• The Tide transaction underscores FT Partners’ deep Payments and Banking expertise, and successful track record of executing deals in Europe