- Tide nears unicorn status
- Share sale boosts valuation
- Investors poised for exit
Tide, established in 2015, is on the verge of announcing a secondary share sale that could make it the latest British technology unicorn.
The business banking services platform, Tide, is close to completing a share offering that will potentially value it at $1 billion, joining the ranks of the latest British fintech unicorns.
Sir Donald Brydon, a prominent figure in the City who chairs Tide, is overseeing the sale of a portion of the company’s existing shares at a premium of about 30% over its most recent funding round in 2021.
Sources indicate that the transfer of secondary shares is well underway and could be finalised soon.
Since its launch in 2015, Tide has attracted 575,000 customers, primarily small and medium-sized businesses, including 200,000 in India.
Tide, in partnership with Clearbank, offers business banking services such as expense management, accounting, and invoicing systems but is not itself a bank.
This significant increase in valuation comes at a time when many technology companies struggle to secure new financing or are forced to do so at significantly reduced valuations.
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Among the company’s current shareholders is the Apax Digital Fund, which, according to sources familiar with the matter, has shown interest in increasing its stake.
Other notable backers include Augmentum, a fintech investor listed in London.
The transaction is expected to involve the transfer of approximately 10% of Tide’s equity, enabling some early investors to cash out their stakes.
