Business current account Tide has raised £8m in a new round of funding to support its rapid expansion.
Augmentum Fintech supplied £3m of the total investment, which also saw contributions come from existing backers Anthemis, Creandum, Local Globe and Passion Capital.
The contribution from Augmentum is part of a £7m investment spree from the firm, which has backed three FinTechs this week. The other two companies to receive a share of this investment are B2B payment solution Previse and due diligence and risk mitigatory company DueDil.
UK-based Tide is a business current account, which has no monthly fees, but a 20p charge per bank transfer, in or out, and a £1 cost for ATM withdrawals. The platform has an automated bookkeeping and accounting program, which helps keep track of transactions and simplifying expense tracking.
Tide also gives businesses access to credit lines of up to £15,000 in a couple of minutes, helping to improve their cash flow.
Capital from the round will be used to support Tide’s rapid expansion and launch new features to ease the administrative burden of small businesses.
In relation to Augmentum’s three new investments, the firm’s CEO Tim Levene said, “Since our IPO we have built an exciting pipeline of fintech investment opportunities and are delighted to announce the completion of these three investments, each of which fit perfectly with our approach to investment.
“These companies deliver propositions that are disrupting their markets, challenging incumbents and bringing huge efficiencies to the end customer.”
Last year, it was reported that Tide raised $14m for its Series A round which was led by Anthemis and Creandum. The previous line of capital was raised to double the size of its London team and bolster its technology.
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