On March 30, 2021, RBL Bank, a Private sector lender, collaborated with UK based business banking fintech Tide Platform Limited (Tide) to provide bank account infrastructure to Tide’s India platform, which is focused to serve mainly small and medium enterprises(SMEs).
- Tide’s first market outside the UK, is India due to its vast SME population of around 63 million, and the people’s entrepreneurial spirit.
- Gurjodhpal Singh the former vice president of PayU (Payment Service Provider) will lead Tide’s business in India.
Features of the Tide platform:
- The tie-up will provide an option for the SMEs to open current and savings accounts at RBL Bank through Tide’s business platform.
- Through RBL payment APIs (application programming interfaces), Tide members will be able to make seamless transactions from Tide’s platform.
- Apart from the SME sector, unregistered and unorganised sector companies also will be benefited from Tide.
- The platform offers business accounts, related banking services, and also a comprehensive set of highly usable administrative solutions.
- Tide is aiming to acquire 25,000 customers in India within FY22 and up to 20 lakh customers in the next 5 years.
- This partnership will act as initial testing for Tide India after this they are planning to make a partnership with other leading fintech providers.
Recent Related News:
On December 31, 2020, the international card payment service RuPay partnered with RBL Bank to launch an innovative payment solution for Indian merchants “RuPay PoS” in association with PayNearby. The announcement for the same was made by the National Payments Corporation of India (NPCI).
About RBL Bank:
MD & CEO – Vishwavir Ahuja
Headquarters – Mumbai, Maharashtra
Tagline– Apno Ka Bank
About Tide Platform Limited (Tide):
- It is accounting for 25% of global SMEs and 5% of the UK’s business banking market.
CEO – Oliver Prill,
Headquarters – London, United Kingdom
Tide India – Hyderabad, Telangana