Apax Global Alpha announced on Wednesday that the Apax Digital Fund (ADF), in which it is a limited partner, has invested in business finance platform Tide as part of a series C funding round led by ADF.
The FTSE 250 firm said that on a look-through basis, it was expecting to invest around €2.5m (£2.13m) in the company.
“Tide is a leading financial and software platform for small and medium-sized businesses,” the Apax board said in its statement.
“The Tide business financial platform offers business accounts and related banking services, as well as a comprehensive set of integrated software solutions, such as expense management tools, electronic invoicing, and API connectivity with third party software-as-a-service providers.
“Tide has experienced rapid and sustained growth since launching in 2017, with 2020 seeing the business more than double its user base in the UK.”
The investment put Tide in a position to continue to develop its business financial platform, grow its market share, and expand globally, Apax explained.
At 0823 BST, shares in Apax Global Alpha were up 0.42% at 202.84p.
