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Apax Global Alpha invests EUR2.5 million in digital bank Tide

Wed, 14th Jul 2021 10:51

(Alliance News) - Apax Global Alpha Ltd on Wednesday said it will invest EUR2.5 million in financial software platform Tide.

The Guernsey-based company will make the investment after the Apax Digital Fund, in which it is a partner, led a Series C funding round for Tide.

Tide received just over USD100 million in the fundraising, achieving a valuation of over USD650 million, according to an announcement by Apax Partners LLP on Monday.

FTSE 250-listed Apax Global committed USD50 million to the Apax Digital Fund in 2017.

Tide is a financial and software platform that provides business accounts and banking services to small and medium-sized companies.

Its customer base more than doubled in 2020 and it now has over 350,000 members, Apax Partners said.

"The investment puts Tide in a position to continue to develop its business financial platform, grow its market share, as well as expand globally," Apax Global added.

Shares in Apax Global were trading down 0.2% at 202.48 pence each in London on Wednesday morning.

By Scarlett Butler; scarlettbutler@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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