Tide, a small and medium enterprise (SME)-focused business financial platform based in the UK, has launched operations in India by introducing a business banking account and its RuPay-powered Tide Expense Card. The company also said that it plans to on-board 500,000 SMEs in India over 24 months
The fintech offers banking services in partnership with banks. For example, the Tide Business Account and Tide Expense Card, has entered into a partnership with Transcorp, a RBI regulated PPI issuer, to enable small business owners to track spending and business expenses and facilitate transactions at all merchants that accept RuPay payments. In future, the company said that it will facilitate lending on its platform.
The company said that 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 and pay), ecommerce purchases and other payments.
The app is now available for downloads on the Google Play Store, it further added. “We believe there is a vast untapped segment of small businesses in India that hasn’t been formally accounted for,” said Oliver Prill, CEO, Tide, on launching the new operations in India.