The investment round was led by Anthemis, an UK-based fintech investor, and Creandum, an investor in Shopify and other Europe-based startups, joined by Passion Capital and LocalGlobe, which backed Tide in a USD 2 million seed investment in 2016.
The investment will be used to increase the number or employees at its central London headquarters and develop new services, like multi-user access to accounts and transfer services in multiple currencies.
The challenger bank focuses on providing banking and invoicing services to small businesses. Clients can set up a business account within minutes by using their passport or driving license. The company provides invoicing solutions that use AI technology to automate and simplify the administrative process for small businesses.
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