AUGM Augmentum Fintech Plc

 
TIDMAUGM 
 
2 November 2023 
 
Augmentum Fintech plc 
Portfolio Fundraising Update: Tide, Zopa Bank, iwoca 
 
Augmentum Fintech plc (LSE: AUGM) ("Augmentum" or the "Company"), Europe's 
leading publicly listed fintech fund, notes successful fundraising developments 
at three of its portfolio companies: Tide, Zopa Bank and iwoca. 
 
Tide 
 
The Company has invested a further £4.2 million in Tide, (www.tide.co, 14.1% of 
portfolio1), the business banking platform, through a combination of primary and 
secondary transactions. 
 
Augmentum first invested in Tide in August 2018 and with this latest investment 
the Company aims to capitalise on the bank's accelerating growth trajectory. 
Tide announced on 20 September that it has reached 10% market share of all UK 
small businesses, with more than 550,000 customers ("members")2. Tide acquired 
the UK's leading business credit marketplace Funding Options in November 2022, 
with regulatory approval from the FCA in February 2023. The acquisition fast 
-tracked the company's credit offering by providing existing and new members 
access to over 120 lenders. 
 
The past year also saw Tide realise the first steps in its international 
ambitions, as it officially launched in India in December 2022, expanding 
throughout 2023. Tide now has more than 150,000 members in India. 
 
Zopa Bank 
 
Zopa Bank (www.zopa.com, 11.9% of portfolio1), the digital-first bank, announced 
on 8 September that it has raised £75 million in Tier 2 capital to further drive 
its growth and expansion plans. 
 
The financing follows £75 million of equity funding raised in Q1 this year, in 
which Augmentum participated, which the bank used to support its M&A strategy 
and to acquire Point-of-Sale platform DivideBuy amongst other activities. Zopa 
Bank now serves 1 million customers and aims to reach 5 million by 2027. Zopa 
Bank expects to hit full-year profitability for the first time this financial 
year. 
 
iwoca 
 
iwoca (www.iwoca.co.uk, 3.1% of portfolio1), the SME lender, announced on 17 
October that it has secured a new debt facility with initial commitments of £200 
million from Barclays Bank plc and Värde Partners. As the UK's high street 
lenders retrench and reduce access to capital for SMEs, this funding line allows 
iwoca to meet the growing SME demand for working capital. This comes as iwoca 
hits net profitability for the fourth consecutive quarter. 
In January this year, iwoca secured an increase and extension to its existing 
funding line, with long-standing partner Pollen Street Capital - from £125 
million to £170 million. With the new £200 million funding line from Barclays 
and Värde this now takes the total debt commitments to over £850 million. 
Tim Levene, Augmentum Fintech CEO, said: "Amidst challenging macroeconomic 
conditions and geopolitical uncertainty, these three key portfolio companies, 
which together comprise nearly 30% of our total portfolio value, have not only 
shown remarkable resilience but have also continued their upward growth 
trajectory, as evidenced by their successful and substantial funding rounds. 
From the time of our initial investment, these businesses have undergone a 
transformative journey, growing from employing fewer than 400 individuals and 
generating under £100 million in revenue, to now collectively boasting a 
workforce of over 2,500 dedicated professionals and being on track to generate 
upwards of £500 million in annual revenue. These companies have not just 
survived; they have thrived, setting new industry standards and driving positive 
change. We look forward to sharing a fuller update to our shareholders in our 
interim results later this month." 
Notes 
 
1 Portfolio percentage values as at 31 March 2023. 
2 Tide press release dated 20 September 2023. 
 
Enquiries 
 
Augmentum Fintech                         +44 (0)20 3961 5420 
 
Tim Levene (Portfolio Manager)            georgie@augmentum.vc 
 
Georgie Hazell Kivell (Marketing and IR) 
Quill PR                                  +44 (0)20 7466 5050 
 
Nick Croysdill, Sarah Gibbons-Cook        press@augmentum.vc 
 
(Press and Media) 
Peel Hunt LLP                             +44 (0)20 7418 8900 
 
Liz Yong, Luke Simpson, Huw Jeremy 
 
(Investment Banking) 
Singer Capital Markets                    +44 (0)20 7496 3000 
 
Harry Gooden, Robert Peel, Alaina Wong 
 
(Investment Banking) 
Frostrow Capital LLP                      +44 (0)20 3709 8733 
 
Paul Griggs (Company Secretary) 
 
About Augmentum Fintech 
 
Augmentum invests in fast growing fintech businesses that are disrupting the 
financial services sector. Augmentum is the UK's only publicly listed investment 
company focusing on the fintech sector in the UK and wider Europe, having 
launched on the main market of the London Stock Exchange in 2018, giving 
businesses access to patient capital and support, unrestricted by conventional 
fund timelines and giving public markets investors access to a largely privately 
held investment sector during its main period of growth. 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

November 02, 2023 03:00 ET (07:00 GMT)

Augmentum Fintech (LSE:AUGM)
Historical Stock Chart
From Mar 2024 to Apr 2024

Augmentum Fintech (LSE:AUGM)
Historical Stock Chart
From Apr 2023 to Apr 2024