The UK-based business financial platform looks to contribute to the Indian economy as a key ally in its growth story.
Tide will create 1,000 jobs and invest £100m in India over the next five years.
29 June, 2021, London/Mumbai: Tide, the UK’s leading business financial platform[1], has selected India as its first international market, with a fully-fledged launch early next year.
Tide announced today that it will create over 1,000 jobs in India over the next five years. It also plans to invest more than £100m in India as part of the hiring surge, thus contributing to the economy as a key ally in the country’s growth story.
These jobs will be across a wide variety of roles, including product development, software development, marketing, risk & compliance and member support.
Tide already has over 200 highly skilled employees in India, with most based in its Hyderabad technology centre. Tide is building a robust team in India, creating a pool of talented and experienced colleagues that will help build the business, scale operations and further Tide’s desire to unleash the true potential of Indian SMEs by helping them save time (and money) in the running of their businesses.
Commenting on the expansion in India, Oliver Prill, Tide CEO, 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.
“We at Tide are committed to serving India’s 64 million, and growing, SME sector, helping to unleash the true potential of Indian small businesses by helping them to save time (and money) on their financial admin.
“Through our investment in the market, Tide looks to contribute to both the countries’ vision of developing a roadmap to a free trade agreement with a target of £100 billion by 2030.”
Congratulating Tide on the achievement, UK Minister for Investment Gerry Grimstone said, “I am pleased that Tide’s innovative business financial platform, part of the UK’s world leading fintech ecosystem, is embracing the opportunities in India’s dynamic and growing SME market. The UK and India have ambitious plans to deepen our trade and investment partnership and bring benefits to both economies, and this is a great example of what we can do together.”
In addition to business accounts and related banking services, Tide will offer a comprehensive set of highly usable administrative solutions. Not only supporting the organised SME sector, Tide will also focus on serving the unregistered and unorganised sector, helping small businesses digitise and bring them into the mainstream.
As a first step towards this mission, Tide recently announced its collaboration with its first banking partner, RBL Bank, one of India’s fastest growing private sector banks. RBL Bank will provide the bank account infrastructure for Tide’s India platform where members (SMEs) will have an option to open current and savings accounts.
About Tide:
Tide’s mission is to help SMEs save time (and money) in the running of their businesses. The Tide business financial platform not only offers business accounts and related banking services, but also a comprehensive set of highly usable administrative solutions, such as full integration with accounting systems. Using advanced technology, all solutions are designed with SMEs in mind. Tide is now the emerging leader in SME challenger banking in the UK. Tide believes that truly serving SMEs well requires relentless focus on their needs. That is why Tide is SME only.
Tide has over 350,000 SME members and over 410,000 business accounts. Since it was founded in 2015 and launched in 2017, Tide has raised investment from major backers including Anthemis, Augmentum, Creandum, Goodwater, Jigsaw, Latitude, LocalGlobe, Passion Capital, SpeedInvest and The SBI Group.
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[1] Tide is not a bank, but a business financial platform and the leading digital challenger in business banking services. We believe that a platform approach is the future of business banking, allowing us to offer both financial and admin services to SMEs saving them time (and money) to allow them to focus on what they love: running their businesses.
