Tide rolls out its business account in India as the first local product
The fintech plans to launch other payment and commerce services in India later in 2022.
Image source: Arihantdaga/Unsplash.
Just 18 months after Tide first announced plans to launch in India, the business banking provider is gearing up to roll out its first product.
The Tide Business Account will allow Indian SMEs to load money onto a Tide Expense Card, collect and make payments, as well as verify and track expenses.
“Launching Tide’s commercial finance platform in India has been our priority since announcing our international expansion,” said Tide CEO Oliver Prill.
The launch is starting small, but Prill explained that more of Tide’s payment and business services will be rolled out in the months and years to come, including a savings and checking account in partnership with a local bank, funds transfer, billing and credit services.
Today’s announcement of the corporate account rollout was made possible through a partnership with Transcorp International, a 27-year-old financial technology provider regulated by the Royal Bank of India.
“We are delighted to partner with Transcorp as we embark on the next leg of Tide’s journey to serve the 64 million growing SMEs in the Indian market,” added Prill.
“With Transcorp, we are ready to begin our initial product offering from Tide India, to create the best possible service to help SME owners save time and money.”
Tide said it would invest £100m in India, create 1,000 jobs over the next five years and make it the first fintech market for major international expansion.
UPDATE 06-07-2022 – An earlier version of this article incorrectly stated that the rollout of Tide’s corporate account in India had already started, which it has not, and also referred to Transcorp International as a bank, which it is not.