Challenger bank Tide raises £44m Series B

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Tide, the challenger bank designed for SMEs, has raised £44 million in Series B funding.

The round was led by SBI, a subsidiary of the Japanese investment giant SoftBank. Augmentum Fintech, an existing investor, also participated.

The round values Tide at more than £200 million.

Unlike other challengers such as Monzo and Starling, Tide is designed exclusively for SMEs and the self-employed.

In addition to its bank account product, Tide has launched a service providing additional business support such as a 24/7 legal helpline to account holders.

It has also begun offering credit for the first time through its subsidiary Tide Capital.

The business says it plans to hire an additional 50 people by the end of the year.

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