UK-based fintech firm Tide, which has a significant presence in India, has raised over $120 million in its growth funding round led by TPG.

The funding round also saw participation from existing investor Apax Digital Funds, the company said.

The latest funding was done at a valuation of $1.5 billion, catapulting Tide to the unicorn club of startups that boast of a valuation of at least $1 billion.

The investment consisted of primary and secondary components, it added without specifying the details.

The startup will use the fresh capital to accelerate its international expansion plans and support rapid product development initiatives. It also intends to use a portion of the capital to advance its investment into agentic artificial intelligence (AI) capabilities. 

Tide plans to bring the full suite of its UK platform features to international markets including India, Germany, and France.

"In India, we've seen rapid growth and now support over 800,000 Tide members," said Oliver Prill, CEO, Tide.

Tide currently serves over 1.6 million micro and small enterprises globally. More than half of them are based in India.

Tide was founded by Prill, George Bevis, and David McKeown in 2015. The startup provides digital banking and financial management services specifically designed for small and medium enterprises (SMEs), offering business accounts, expense management, invoicing tools, and integrated accounting solutions through its platform.

The startup has previously raised funding from Anthemis, Augmentum Fintech, Creandum, Salica Investments, Latitude, LocalGlobe, SBI Group, and Speedinvest among others.