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Tide to roll out its Business Account in India as first local product

The fintech plans to launch other payment and business services in India later in 2022.

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Just 18 months after Tide first announced plans to launch in India, the business banking provider is preparing to roll out its first product.

The Tide Business Account will let Indian SMEs load money onto a Tide Expense Card, collect and make payments, and check and track spending.

“Launching Tide’s business financial platform in India has been our priority since we announced 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 rollout out in the coming months and years, including a Business Savings and Current Account in partnership with a local bank, Fund Transfer, Invoicing and Credit services.

Today’s announcement of the Business Account rollout was enabled through a partnership with Transcorp International, a 27-year-old financial technology provider that's regulated by the Reserve Bank of India.

“We are excited to partner with Transcorp as we embark on the next stage of Tide’s journey, to serve the 64-million and growing SMEs in the Indian market,” added Prill. 

“With Transcorp, we are ready to begin our initial product offering of Tide India, in order to build the best possible service to help SME owners save time and money.”

Tide has stated that it will be making a £100m investment in India, creating 1,000 jobs over the next five years and establishing it as the fintech’s first market for major international expansion.

UPDATE 06-07-2022 – An earlier version of this article incorrectly stated that the rollout of Tide's Business Account in India had already begun, which it has not, and also referred to Transcorp International as a bank, which it is not.

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