UK-based fintech firm Tide enters India to tap the growing SMB market, to invest Rs 1,000 crore over the next five years

Credit score and Finance for MSMEs: The UK-based enterprise monetary platform Tide as we speak introduced its foray into the Indian market with a dedication to take a position over Rs 1,000 crore in India over the subsequent 5 years.
India is Tide’s first worldwide market the place it desires to faucet into the untapped and underserved SMB market by providing them monetary and administrative providers.

“Tide is dedicated to serving the 64-million and rising Indian SME sector and can assist unleash the true potential of Indian small companies, mentioned its CEO Oliver Prill on the India enlargement.

“In India, we aspire to serve 20 lakhs SMEs in India over the subsequent 5 years,” mentioned Gurjodhpal Singh, CEO, Tide India.

Tide may have 4 product strains: funds (resembling financial institution accounts, UPI, playing cards and many others), credit score, enterprise providers (resembling taxation, e-invoicing, payroll) and monetary providers (resembling insurance coverage). These providers might be provided to SMBs via Tide’s personal product and thru a number of partnerships with web companies, startups and fin-tech gamers, mentioned its India CEO Singh.

He added, “Tide’s focus primarily might be on SMBs that need to transfer from unorganised to organised sector and leverage digitalisation, GST, and several other different on-line instruments to enter the formal panorama.”
Tide has earlier introduced its collaboration with its first banking associate, RBL Bank to offer the checking account infrastructure the place SMEs may have an choice to open present and financial savings accounts via the Tide platform.

The agency additionally plans to create over 1,000 jobs in its Hyderbad and Gurgaon workplace. These jobs might be throughout all kinds of roles, together with product growth, software program growth, advertising and marketing, threat & compliance and member assist. Tide is already 200-employees robust with most of them primarily based out of its Hyderabad expertise centre.

Based in 2015 and launched in 2017, London-based Tide has over 350,000 SME members within the UK.