Tide Platform Ltd., a UK-based fintech startup that helps small businesses 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 tasks will cover all roles, including product and program development, marketing, risk, compliance, and member support. Currently, the company has more than 200 employees in India, mainly in its technology hub in Hyderabad.
India was the first international market where Tide launched its operations in 2020.
“Tide recognizes the ambitions of the UK and Indian governments to build bilateral relations between India and the UK through an improved economic partnership and considers that small and medium-sized enterprises are essential to the economic growth of both countries,” Tide CEO Oliver Brill said in a statement. Tide is committed to serving the 64 million and growing Indian SME sector and will help unlock the true potential of Indian small businesses.”
Gurjodhpal Singh, CEO of Tide India, said the company would seek to contribute to India and the UK's vision of developing a roadmap towards a free trade agreement with a target of £100 billion by 2030.
In addition to business accounts and related banking services, Tide offers a full range of back-office solutions for small and medium businesses. The fintech startup focuses on serving the unregistered and unregulated sectors, helping small businesses digitize operations and integrate them into the mainstream.
Tide recently announced its collaboration with RBL Bank, its first banking alliance in India, whereby the private lender will provide bank accounts to SMEs on the Tide platform in India.
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