Tide - a journey to net zero
The Apax Digital Fund invested in Tide, the UK’s leading business financial platform, in July 2021. With nearly 400,000 members and a proposition ranging from business banking to payments and accounting software, Tide serves over 7% of UK businesses.
Like many of the Apax Funds’ portfolio companies, Tide is an ‘asset light’ company and its most material environmental indicators are energy usage and travel. We are thrilled to have early movers like Tide in the Funds’ portfolio, focusing not just on their own climate strategy but also on providing training and support to their members who might find the idea of committing to carbon reduction targets daunting.
In the UK, where small businesses are a key pillar of the economy, we need companies like Tide that can lead by example and encourage more companies to set ambitious targets for carbon reduction.
Mark Beith, a Partner at Apax Digital and a Director of Tide’s Board, spoke to Oliver Prill, Tide’s CEO, about the Company’s approach to carbon reduction, the decision to make it a Board priority and how it ties in with Tide’s already ambitious ESG programme.