RBL Bank has partnered with Tide India, a division of Tide UK, the UK’s leading business banking fintech, to provide banking infrastructure for Tide’s India platform aimed at Small and Medium Enterprises (SMEs). Tide will be able to introduce its platform to the Indian markets with a full-fledged launch thanks to this partnership. Tide has over 3,20,000 SME users
Tide, a leading UK-based Fintech, intends to begin the first overseas marketing in India, with the aim of acquiring 25,000 customers in the first year and grow to two million customers over the next five years. SMEs, can use Tide’s business platform to open current and savings accounts at RBL Bank. Depending on the needs of the customer, the Bank can also incorporate its payment APIs to enable Tide users to conduct seamless transactions from Tide’s platform.
Tide will be able to quickly scale up its business in India thanks to RBL Bank’s geographical footprint across the country, superior digital banking services, robust product range in the SME space, and agile technological stack. Apart from assisting the organised SME market, Tide will also concentrate on serving the unregistered and unorganised sector, assisting in the integration of these SMEs into the mainstream by providing them with access to RBL Bank’s extensive range of business banking products and services.
RBL Bank’s Head of Branch Banking, Surinder Chawla, said, “We are excited about this strategic tie-up with Tide, that shares our mission of reaching out to the underserved segment. RBL Bank has agile technological capabilities and compelling customer offerings to help Tide build a strong foundation in the country and scale up its business. Together, we are passionate about delivering innovative and integrated services that will improve the overall banking experience for the SME segment.”
Tide CEO Dr Oliver Prill commented on the collaboration, saying, “We could not have a better banking partner than RBL Bank as we embark on the next stage of Tide’s journey, building a business financial platform to serve SMEs in the Indian market. RBL Bank offers industry leading banking, payments and security technology, giving Tide the foundations that will enable us to build the best possible service to help SME owners save time and money through its digital banking capabilities. With this partnership, we are ready to begin initial testing of Tide India, before entering into similar partnerships with other leading fintech providers to build our platform during the course of 2021.”