Powered by India’s small businesses, UK fintech Tide becomes a TPG-backed unicorn

UK-based fintech company Tide has become a unicorn, with a valuation of over $1 billion, thanks to its strong presence in the Indian small business market. Tide, which provides digital banking and financial services, has over 1.6 million micro and small enterprise customers globally, with more than half of them based in India. The company's success in India is attributed to its ability to cater to the financial needs of small businesses, which often face challenges in accessing traditional banking services. Tide's digital platform offers features such as invoicing, expense management, and access to credit, making it a popular choice among Indian entrepreneurs. The company's unicorn status was achieved after a recent funding round led by global investment firm TPG, which has invested in the company. This investment will help Tide expand its operations and further strengthen its presence in the Indian market, as well as explore opportunities in other regions.