London based banking app Tide has raised $14m in Series A funding led by Anthemis. Tide is a digital-only banking app aimed at small businesses that allows companies to access loans of up to £100,000.
Tide plans to almost double its London team by the end of the year, and develop more features to make online banking for small and medium sized businesses (SMEs) more efficient. Some of these features, says Founder and CEO George Bevis, will include things that people "have not seen before." "Our investors believe there is a real opportunity to support and champion small and medium-sized companies in the wake of Brexit," says Bevis. "Britain's smaller firms have been let down by traditional banks, which often charge vulnerable companies eye-watering fees and keep them waiting weeks to open a business account."