Tide to launch in India
The digital-only bank is targeting one of the largest SME populations in the world as it begins its international expansion plans with India.
SME-focused neo bank Tide is plotting international expansion with a planned launch in India in the first quarter of 2021.
“As an aspiring global business financial platform operating in the largest SME market is a must...we are confident that Tide can adapt to make business banking better for Indian SMEs,” he said.
“Our move into India is another step in our strategy and builds on Tide’s established position. Despite the COVID-19 crisis, Tide continues to grow very strongly as we have always remained fully open for business and our digital-only experience is becoming ever more compelling for our customers."
“With almost 300,000 members, processing £10bn in transactions, we now have over 5% of the UK business banking market and our service is adding new functionality all the time. The UK market will remain a key focus for Tide, with a dedicated team building Tide India."
After its initial launch Tide plans a gradual roll-out of its digital banking service later in the year to India’s 63m SMEs.
The operation in India will be led by Gurjodhpal Singh, formerly an executive at Indian Payment Service Provider, PayU.
Prill says he expects another year of strong growth for Tide following 2020
Tide already operates a technology centre in Hyderabad, India, and has a team approaching 100 people, predominantly software developers, working in the country.