London-based fintech firm Tide is set to launch in Germany this year as it ramps up its international plans and pushes into the European small business market.
Tide, which is reportedly nearing a $1bn (£800m) valuation, will launch in Germany in the coming months in its second international foray after launching in India in 2022.
The international push comes after rapid growth in the UK, where it now boasts around 575,000 small business clients, alongside over 200,000 from its Indian division.
Tide’s German chief, Oliver Prill, said the firm would now accelerate its growth by targeting the country’s nearly three million small businesses.
“As in the UK, small businesses are the backbone of the German economy, Europe’s largest,” Prill said. “Looking at what is on offer for SMEs in Germany, we believe there is a huge opportunity for Tide.”
Founded in 2015 and launched in 2017, Tide has swelled to around 1,600 people globally and now boasts a ten per cent market share among the UK small business market, according to figures provided by the company.
Sky News reported the firm is also arranging to sell a chunk of existing shares at around a 30 per cent premium to its most recent funding round in 2021.
According to the reports, the share sale will see Tide fetch a ‘unicorn’ $1bn valuation.