Powered by India’s small businesses, UK fintech Tide becomes a TPG-backed unicorn
UK fintech Tide has officially joined the unicorn club, raising $120 million in fresh funding led by TPG. Powered by India’s small businesses, UK fintech Tide becomes a TPG-backed unicorn valued at $1.5 billion — a milestone fueled by rapid growth in its largest market: India.
Image Credits:Tide
TPG leads Tide’s $120M funding round
The $120 million round, a mix of primary and secondary capital, saw participation from TPG’s The Rise Fund and existing investor Apax Digital Funds. While Tide did not disclose the split, part of the round included employee and angel investor share sales.
With this funding, Tide’s valuation climbs to $1.5 billion, cementing its position among Europe’s fastest-growing fintechs with a mission-driven investor base.
India drives Tide’s unicorn status
Globally, Tide now serves over 1.6 million small enterprises, with more than half of them based in India. Since launching in the country in late 2022, Tide has onboarded more than 800,000 Indian businesses, surpassing its UK membership.
India’s estimated 60 million micro and small businesses — employing over 250 million people — present an unmatched growth opportunity. According to CEO Oliver Prill, Tide’s real challenge in India isn’t competition, but reducing reliance on cash.
What makes Tide different?
Micro and small enterprises often juggle accounting, invoicing, payroll, loans, and compliance with limited resources. While traditional banks and fintech players cater to them, few offer a purpose-built platform.
Tide differentiates itself with an all-in-one business solution:
-
Accounting and invoicing integrations
-
Payroll and expense management
-
Business loans and asset finance
-
Company registration and compliance tools
This approach has already made Tide profitable in the UK, where it serves 14% of the small business market.
A global fintech scaling with local roots
Launched in the UK in 2017, Tide’s bet on India is paying off quickly. The company’s ability to tailor services for small business owners — from freelancers to family-run shops — has positioned it as a trusted partner in India’s digital formalization journey.
Prill summed it up: “There is a huge trend to formalization. Our biggest enemy is cash, not competitors.”
With TPG’s backing and India’s small businesses powering its growth, Tide is now set to expand its mission globally, helping entrepreneurs save time and focus on what they do best: running their businesses.
Post a Comment