UK based FinTech Tide, which serves small and medium-sized enterprises (SMEs), is poised to enter the Indian market with an investment commitment of $ 100 million, CNBC TV18 reported. Over 200 staff members are currently working for the company in India.
According to the report, Tide said it chose India as its top foreign market because of the significant business opportunities offered by the location. The company seeks to integrate 25,000 SMEs in the country in 2021, as it aims to serve around 2 million SMEs over the next two years.
“[SMBs are] a crucial segment for economic growth, but it is also quite underserved in India. Our goal is to bring services on one platform and ensure working capital liquidity for [SMBs]», CEO of Tide India Gurjodhpal Singh said, according to the report.
Tide reportedly intends to conquer the Indian market with services designed to help SMEs go digital.
“We are looking to work with startups that serve [SMBs] already, ”Singh said, according to the report. “The idea is to work with them and bring their products to our platforms.”
Tide, which was established in 2015, provides business accounts, among other services. In the UK, FinTech has more than 350,000 SME users.
PYMNTS reported in January that Tide revealed plans for an experimental deployment in India in the first quarter of 2021 with a wider deployment to follow later.
In May, PYMNTS announced that Tide was launching a new path to help SMBs get payments on time with its Tide Invoice Assistant offering.
“The Tide Billing Assistant tackles a number of issues faced by small businesses – most importantly, automating manual and time-consuming processes and providing assurance that they will get paid quickly,” said Alastair Travis, vice president of business services at Tide at the time.
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