Credit and Finance for MSMEs: India is Tide’s first international market where it wants to tap into the SMB market by offering them financial and administrative services.
Credit and Finance for MSMEs: The UK-based business financial platform Tide today announced its foray into the Indian market with a commitment to invest over Rs 1,000 crore in India over the next five years.
India is Tide’s first international market where it wants to tap into the untapped and underserved SMB market by offering them financial and administrative services.
“Tide is committed to serving the 64-million and growing Indian SME sector and will help unleash the true potential of Indian small businesses, said its CEO Oliver Prill on the India expansion.
“In India, we aspire to serve 20 lakhs SMEs in India over the next five years,” said Gurjodhpal Singh, CEO, Tide India.
Tide will have four product lines: payments (such as bank accounts, UPI, cards etc), credit, business services (such as taxation, e-invoicing, payroll) and financial services (such as insurance). These services will be offered to SMBs through Tide’s own product and through several partnerships with internet firms, startups and fin-tech players, said its India CEO Singh.
He added, “Tide’s focus primarily will be on SMBs that want to move from unorganised to organised sector and leverage digitalisation, GST, and several other online tools to enter the formal landscape.”
Tide has earlier announced its collaboration with its first banking partner, RBL Bank to provide the bank account infrastructure where SMEs will have an option to open current and savings accounts through the Tide platform.
The firm also plans to create over 1,000 jobs in its Hyderbad and Gurgaon office. These jobs will be across a wide variety of roles, including product development, software development, marketing, risk & compliance and member support. Tide is already 200-employees strong with most of them based out of its Hyderabad technology centre.
Founded in 2015 and launched in 2017, London-based Tide has over 350,000 SME members in the UK.