UK’s fintech startup Tide lays out its India plan for next 5 years, BFSI News, ET BFSI

Pune: Tide Platform Ltd., a UK-based fintech startup that helps small firms open business accounts, plans to invest £100 million (Rs 1,000 crore) and create 1,000 jobs in India over the next five years.

These jobs will be across roles — including product and software development, marketing, risk and compliance, and member support. The company currently has over 200 employees in India, primarily at its technology centre in Hyderabad.

India was the first international market where Tide launched operations in 2020.

“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 CEO Oliver Prill said in a statement on Tuesday. “Tide is committed to serving the 64-million and growing Indian SME sector and will help unleash the true potential of Indian small businesses.”

Gurjodhpal Singh, CEO of Tide India, said the company would look to contribute to India and UK’s vision in developing a roadmap to a free trade agreement with a target of £100 billion by 2030.

In addition to business accounts and related banking services, Tide offers a comprehensive set of administrative solutions for SMEs. The fintech startup focuses on serving unregistered and unorganised sectors—helping small businesses to digitalise ops and bring them into the mainstream.

Tide recently announced its collaboration with RBL Bank — its first banking tie-up in India — wherein the private lender will provide bank accounts to SMEs on Tide’s India platform.