Fintech start-up Tide are to raise £60m from investors, last month the Fintech company won a multimillion-pound grant.
Tide is partnered with Clearbank and won £60m from the Royal Bank of Scotland (RBS) of their competition remedies fund, which are aiming to match this with a cash injection from investors.
Tide provides bank accounts for SMEs and are to use the funds raised to grow and aim to capture at least 8% of the SME market by 2023.
Oliver Prill, Tide’s chief executive said, “This new investment plan will help Tide accelerate its strategy to capture a significant share of the SME banking market.
“It will allow us to reach our goal of becoming the leading business banking challenger in the UK.
“We want to create a genuine scale challenger to the oligopoly that has dominated and failed SMEs for too long.
“SMEs should have the option of a dedicated and focused banking partner that will help them grow their business.”