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TechCrunch
TechCrunch
1M ago 32 views

Powered by India's small businesses, UK fintech Tide becomes a TPG-backed unicorn

UK fintech Tide has achieved unicorn status with $120 million in funding, primarily from TPG, serving over 1.6 million small businesses globally.
Powered by India's small businesses, UK fintech Tide becomes a TPG-backed unicorn
A What happened
Tide, a fintech startup based in the UK, has recently entered the unicorn club after raising $120 million in a funding round led by TPG, valuing the company at $1.5 billion. The startup primarily serves micro and small enterprises, with a significant presence in India, where it has attracted over 800,000 businesses since its launch in December 2022. Tide's platform offers a range of services tailored to the needs of small businesses, including accounting integrations, invoicing, and business loans. The company aims to address the unique challenges faced by these enterprises, particularly in accessing formal credit and navigating tax systems. With plans for further geographical expansion and product enhancement, Tide is positioned to grow its user base significantly, targeting one million businesses in India by year-end.

Key insights

  • 1

    Unicorn Status

    Tide's valuation reached $1.5 billion after recent funding.

  • 2

    Focus on Small Enterprises

    Tide serves over 1.6 million micro and small businesses globally.

  • 3

    Expansion in India

    Tide has onboarded over 800,000 businesses in India since December 2022.

Takeaways

Tide's growth reflects the increasing demand for tailored financial solutions among small businesses.