Tide, the enterprise banking companies platform, is closing in on a share sale that may put it inside touching distance of turning into the most recent British fintech to realize a $1bn valuation.
Sky Information has learnt that Tide, which is chaired by the Metropolis grandee Sir Donald Brydon, is arranging the sale of a piece of present shares at a roughly 30% premium to its most up-to-date funding spherical in 2021.
Sources mentioned the secondary share sale was at a complicated stage and may very well be finalised imminently.
Tide, which launched in 2015, has amassed 575,000 small and medium-sized enterprise prospects, with an extra 200,000 in India.
Tide isn’t itself a financial institution however companions with Clearbank, a 3rd social gathering, to supply enterprise banking companies, reminiscent of invoicing, accounting and bills programs.
Its considerably elevated valuation is notable as a result of it comes throughout a interval when many expertise companies are both struggling to boost new funding or having to take action at sharply lowered valuations.
The corporate’s present shareholders embrace Apax Digital Fund, which insiders mentioned had been eager to extend its stake.
Different outstanding backers embrace Augmentum, the London-listed fintech investor.
Roughly 10% of Tide’s fairness is regarded as altering arms as a part of the deal, enabling plenty of early buyers to money out.
Tide declined to touch upon Friday.
