Tide, the UK’s leading business banking platform has today1 announced the appointment of Sir Donald Brydon as its new independent Non-Executive Chair.
As Tide starts to gear up for a Series C fundraising round, Sir Donald’s appointment will help Tide to prepare for further scaling. Following a successful Series B fundraising round in October 2019, raising over £60 million, Tide has continued to see impressive growth. With over 225,000 members, equal to almost a 4% market share. Tide is on course to reach 8% market share by the end of 2023, as per the public commitments made as part of ClearBank in partnership with Tide’s £60m BCR Alternative Remedies grant win. ClearBank and Tide have recently partnered again in a bid for a grant from Pool E of the Alternative Remedies Fund. Tide is structurally profitable.
Oliver Prill, Tide CEO, said: “After an extensive search for our first independent Non-Executive Chair, I am delighted and honoured that Sir Donald Brydon has accepted the appointment. Tide has seen significant growth since launching in 2017, with a number of successful fundraising rounds. Sir Donald’s varied experience will be vital as we move towards our Series C fundraising, extend our investor base and continue to build out our platform to empower UK SMEs at such a pivotal time. I look forward to working with Sir Donaldnot only as Chair, but also to drawing on his advice. ”
Sir Donald Brydon, Tide Non-Executive Chair, said: “Tide is an exciting business, providing an important and innovative service to UK SMEs. The business has experienced impressive growth to date and I believe I can play a key role in supporting Tide as the company looks to embark on another phase of growth. I am looking forward to working with OIiver and the team. ”
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