Tide, the enterprise banking providers platform, is in superior talks to boost new funding in a deal anticipated to make it Britain’s newest expertise unicorn.
Metropolis sources cautioned {that a} deal between the 2 was not but sure to happen, and that different traders have been additionally in discussions.
Apis Companions has backed early-stage firms similar to Moneybox, the UK-based digital wealth supervisor, and Thunes, a digital funds infrastructure supplier.
Considerably, the agency has made a string of investments in India, which is overtaking the UK as Tide’s single-biggest geography.
Tide now has roughly 650,000 SME prospects in each Britain and India, with the latter market increasing at a quicker price.
The exact phrases of a deal between Apis and Tide have been unclear on Monday.
Morgan Stanley, the Wall Avenue financial institution, has been advising Tide on the fundraising, which is predicted to comprise a mix of major and secondary shares.
Tide was based in 2015 by George Bevis and Errol Damelin, earlier than launching two years later.
It describes itself because the main enterprise monetary platform within the UK, providing enterprise accounts and associated banking providers.
The corporate additionally gives its SME ‘members’ within the UK a set of related administrative options from invoicing to accounting.
It now boasts a roughly 11% SME banking market share in Britain.
Tide, which employs about 2,000 folks, additionally launched in Germany final Might.
The corporate’s traders embody Apax Companions, Augmentum Fintech and LocalGlobe.
Chaired by the Metropolis grandee Sir Donald Brydon, Tide declined to touch upon Monday.
Apis Companions additionally declined to remark.
