Tide has raised £44mn in its Series B funding round.
In Brief:
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Tide is a digital banking platform that aims to challenge high street offerings.
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The funding was led by The SBI Group and Augmentum Fintech Plc.
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The round has not yet closed, but is expected to by the end of this year.
What does this mean?
Tide will use the funding to help increase its share of the UK business banking market. It has committed to raising £60mn in funding rounds since its partner, ClearBank, was awarded a £60mn grant as part of the RBS disbursement, which aimed to create competition in UK banking.
