London-based fintech company Tide has reached unicorn status after securing $120 million in new funding led by TPG. The fintech now supports more than 1.6 million micro and small businesses worldwide, with India making up the majority and representing its largest and fastest-expanding user base.
This latest investment round—a combination of primary and secondary funding, though the precise breakdown was not disclosed by the firm—values the eight-year-old company at $1.5 billion. The round involved share sales from employees, early backers, and several smaller investors. TPG invested via its multi-sector impact fund, The Rise Fund, which has previously supported over 85 purpose-driven companies. Existing investor Apax Digital Funds also joined the round.
Worldwide, small business owners—including freelancers, contractors, and solo entrepreneurs—devote significant time to managing their operations. Tasks such as bookkeeping, invoicing, tax preparation, securing business loans, payment processing, and expense tracking are common. While both traditional banks and fintechs offer solutions, most options are not specifically tailored to these businesses’ requirements. Tide seeks to address this gap with an all-in-one business platform, providing specialized tools like integrations for accounting, invoicing, business financing, asset management, payroll services, expense cards, and company formation services.
Tide first launched in the U.K. in 2017 and expanded into India in December 2022 to reach the country’s enormous population of small enterprises—about 60 million micro and small businesses employing over 250 million people, according to recent government figures. Since entering the Indian market, Tide has added over 800,000 Indian businesses, described as “members,” surpassing the nearly 800,000 members it serves in the U.K. In its home market, where the company is already profitable, Tide provides services to approximately 14% of all small and medium businesses.
“There’s a significant trend towards formalizing businesses. Our greatest obstacle is cash, not our competitors,” Oliver Prill, Tide’s CEO, shared in an interview.
“In India, some say the growth rate has eased a bit, but it’s still incredibly impressive. When you compare it to continental Europe or the U.K., the pace of growth is much slower there,” he commented to TechCrunch.
Tide estimates that around four million micro and small businesses are founded each year in India. These enterprises frequently need support with accessing formal credit, accepting payments through the government’s Unified Payments Interface (UPI), and dealing with the Goods and Services Tax. Tide delivers these services through its digital platform, accessible as an app for both iOS and Android devices.
The company expects to reach one million Indian businesses by year-end and is already seeing substantial demand from tier-3 cities and rural areas—that is, smaller towns with less-developed digital and financial infrastructure, according to Gurjodhpal Singh, CEO of Tide India, speaking to TechCrunch.
Within India, Tide collaborates with about 25 lending partners on its platform to connect small businesses with suitable credit options, recommending lenders based on each business’s requirements. The firm also provides fixed deposit services, bill payment, bank transfers, and cash withdrawal via ATMs.
Beyond the U.K. and India, Tide established operations in Germany in May 2024 and entered France earlier this month. The company customizes its offerings for each market, including local language support.
With this new funding, Tide aims to broaden its global reach, improve its product suite, and invest further in agentic AI technology.
While the startup already covers numerous finance and administrative functions, there are still areas to enhance. “In the coming months and quarters, you can expect notable progress in this space,” Prill noted, referring to forthcoming product releases enabled by the recent financing.
Tide’s workforce now exceeds 2,500 employees around the world.
