Tide acquires Funding Options

SME banking provider Tide has bought lending marketplace Funding Options, in a surprise takeover that AltFi can exclusively reveal.

Financial details of the deal were not disclosed by either party, but to date, Funding Options has raised around £20m in equity funding as well as £5m in cash from Banking Competition Remedies (BCR) in 2019.

For Tide, the move will super-charge its existing business loan marketplace by merging it with that of Funding Options, giving its 475,000 customers access to more credit options.

Read more: AltFi