UK-based Tide has reportedly closed a $14m Series A funding round led by Anthemis and Creandum.
Other firms taking part in the investment included Passion Capital and LocalGlobe, according to various media reports.
Tide is a business current account, which has no monthly fees, but a 20p charge per bank transfer, in or out, and a Â£1 cost for ATM withdrawals. The platform has an automated bookkeeping program, which helps keep track of transactions and simplifying expense tracking.
The platform also allows a client to upload an invoice from suppliers, which will then prepared into a payment.
With the funding Tide plans to nearly double its London staff and develop its offering to make it even easier for SMEs.
Alongside this investment the company has announced a partnership with online lender iwoca, to create its first loan program, the reports state.
Last year the company received a $2m seed round led by Passion Capital.
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