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Tide takes next steps in India

Tide takes next steps in India

UK business banking platform Tide has lauched its app and business account in India with the aim of onboarding half a million SMEs in the next 24 months.

Tide's entry to India, its first market outside the UK, marks the culmination of an 18-month long effort to establish its business on the sub-continent. In July, the firm launched its first product, a prepaid card rolled out as an entry product, backed by Indian card payment network, Rupay.

The introduction of business accounts will give SMEs access to a fully-functioning contactlesspayments experience, tracking spending and expenses for both instore and e-commerce purchases.

Oliver Prill, CEO, Tide says: "India’s 64 million SMEs 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.”

Prill says the compamny 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.

Gurjodhpal Singh, CEO, Tide (India) says: “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.”

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