UK-based fintech Tide has officially entered the unicorn club after raising $120 million in a funding round led by TPG’s The Rise Fund, with participation from Apax Digital Funds. The investment values the eight-year-old startup at $1.5 billion and includes share sales from employees, early investors, and minority stakeholders.

Since its launch in 2017, Tide has emerged as a unified business platform for micro and small enterprises (MSEs), providing tailored solutions such as accounting integrations, invoicing, business loans, payroll, expense cards, and company registration. These services are purpose-built for freelancers, contractors, and solopreneurs who face challenges with traditional banking solutions.

India has become Tide’s largest and fastest-growing market, with over 800,000 businesses onboarded since its entry in December 2022, surpassing its UK member base. With around 60 million MSEs employing 250 million people, India presents a massive opportunity for Tide’s digital platform. The fintech leverages UPI payments, GST compliance, and access to formal credit to simplify business operations and drive formalization.

Having achieved profitability in the UK, Tide aims to replicate its success in India, empowering entrepreneurs and small businesses with seamless, all-in-one digital financial tools.