Tide, the enterprise banking companies platform, is closing in on a share sale that may put it inside touching distance of changing into the most recent British fintech to achieve a $1bn valuation.
Sky News has learnt that Tide, which is chaired by the City grandee Sir Donald Brydon, is arranging the sale of a bit of current shares at a roughly 30% premium to its most up-to-date funding spherical in 2021.
Sources stated the secondary share sale was at a sophisticated stage and could possibly be finalised imminently.
Tide, which launched in 2015, has amassed 575,000 small and medium-sized enterprise prospects, with an additional 200,000 in India.
Tide will not be itself a financial institution however companions with Clearbank, a 3rd occasion, to supply enterprise banking companies, equivalent to invoicing, accounting and bills methods.
Its considerably elevated valuation is notable as a result of it comes throughout a interval when many know-how companies are both struggling to boost new funding or having to take action at sharply decreased valuations.
The firm’s current shareholders embody Apax Digital Fund, which insiders stated had been eager to extend its stake.
Other distinguished backers embody Augmentum, the London-listed fintech investor.
Roughly 10% of Tide’s fairness is regarded as altering arms as a part of the deal, enabling a lot of early buyers to money out.
Tide declined to touch upon Friday.
Source: information.sky.com”