UK-based Tide enters India with Rs 1,000Cr investment targeting SMEs
UK-based fintech platform Tide on Tuesday said it will be investing Rs 1,000 crore in India as part of its expansion plans into the country, slated for early 2022.
As part of this, the fintech startup will create close to 1000 jobs across areas — including product development, software development, marketing, risk and compliance, and member support — in the next five years.
Founded in 2015 by George Bevis, and launched in 2017, Tide helps SMEs by offering business accounts and related banking services and a comprehensive set of highly usable administrative solutions. The startup has over 350,000 SME members in the UK.
The London-based startup already has over 200 employees based in its Hyderabad technology centre. With this investment, Tide will help build its India business, scale operations, and help Indian SMEs by helping them save time (and money) in the running of their businesses.
The company aims to cater to MSME’s needing India-specific services, including UPI payments, GST compliances, among other services. Gurjodhpal Singh, CEO, Tide - India said Tide has partnered with RBL Bank to provide financial services and capital liquidity to certain enterprises.
“We, at Tide, are committed to serve India with our innovative business banking solutions and support the country’s post-pandemic economic recovery. Through this, Tide looks to contribute to both the countries’ vision in developing a roadmap to a free trade agreement with a target of 100 billion pounds by 2030,” said Gurjodhpal.
The MSME sector contributes up to 30 percent to India’s GDP. And, Tide aspires to serve around 25,000 SMEs in their first year, and two million enterprises in the next five years.
Commenting on the expansion in India, Oliver Prill, CEO, Tide, says, "Tide recognises the ambitions of both the UK and Indian governments to build India-UK bilateral relationships with an enhanced economic partnership and sees SMEs as being crucial to economic growth in both nations. Tide is committed to serving the 64-million and growing Indian SME sector and will help unleash the true potential of Indian small businesses."