" class="no-js "lang="en-US"> Tide launches app and Business Account in India
Monday, February 06, 2023
Saltedge Report

Tide launches app and Business Account in India

Tide, the UK’s leading SME-focused business financial platform has announced the launch of the Tide app in India, its first market outside the UK. The business financial platform has introduced two business banking solutions – the Tide Business Account and its RuPay-powered Tide Expense Card. Tide aims to on-board half a million SMEs in India over the next 24 months.

The Tide Business Account and Tide Expense Card (delivered in partnership with Transcorp as an issuer), will track spending and business expenses. It will enable transactions at all merchants that accept RuPay and help small businesses save time and money.

SMEs who sign up for the Tide Business Account will have access to contactless services and can use the free of cost Tide Expense Card to withdraw cash, for in-store purchases (including contactless tap & pay), e-commerce purchases and other payments.

Oliver Prill, CEO, Tide said: “We are delighted to be launching this product in India, Tide’s first international market. India’s 64 million SMEs[1] are the backbone of its economy, providing vital services, jobs and growth. We believe there is a vast untapped segment of small businesses in India that hasn’t been formally accounted for. We, at Tide, are committed to introducing and including a large segment of this market into the formal economy.”

To reduce the cost of due diligence, prevent illegal activities such as money laundering and financial fraud, Tide will on-board small businesses only on the basis of a full Know Your Customer (KYC) process. This is on a par with traditional banking practices. This means that SMEs can reap all the benefits of the business account from day one.

Minister for Trade Policy, Greg Hands, said: “The UK-India relationship is going from strength to strength, so it is fantastic to see Tide has chosen India as its first international market.

“As we continue negotiations on a future-facing trade agreement with India – whose middle-class is set to reach 250 million by 2050 – any deal which makes it easier for businesses to reach this consumer market could unlock huge benefits for UK firms like Tide.”

Gurjodhpal Singh, CEO, Tide (India) said: “We, at Tide, are working hard to support entrepreneurs in their growth journey and believe we are in a strong position to do exactly that. As Tide scales in India, we will expand our product offering for entrepreneurs to both manage their finances seamlessly, and to take the big step of starting out – whether as a freelancer, sole trader, contractor or small business owner. We are building a product that will not just offer business accounts and related banking services, but a comprehensive set of highly usable administrative solutions.”

The company is working to introduce a host of other features which it will offer to small businesses across India. These include a Business Savings/ Current Account in partnership with a bank, QR code for payments, bank transfers, invoicing, GST, pay by link and credit services. Tide will ultimately bring the full richness of the UK platform tailored to the needs of SMEs in India.

As a digital-only service, the Tide business account can be opened anytime and anywhere. The Tide app is now available on the Google Play Store, for Android devices.

People In This Post

Companies In This Post

  1. Oxbury Bank — Britain’s Only Dedicated AgTech Bank — Announces Breakeven and on Target for £1 Billion in Lending Read more
  2. Battleface Makes Debut Into Canada Through Partnership With Hunter McCorquodale Read more
  3. NEAR Foundation & NYU SPS Collaborate on Web3 & Sports Industry Workshop Read more
  4. Diebold Nixdorf Announces Octavio Marquez Elected as Chairman Read more
  5. Apollo Global Management, Neuberger Berman and Oaktree Capital Provide Private Markets Perspectives in Pm Alpha Outlook Webcast Read more
Paris Fintech Forum