British SMB FinTech Firm Tide Looks To Grow In India

British SMB FinTech Firm Tide Looks To Grow In India

As part of its international growth plans, British business FinTech company Tide unveiled intentions for an experimental rollout in India in the first quarter of this year with a broader launch to come, Business Standard reported.

Tide India is poised to come online in Q1 2021 beginning with an alpha pilot offering based on its international technology stack. Currently, the firm has a technology hub in Hyderabad and a workforce of nearly 100 individuals in the nation who are mainly software programmers, according to the report.

Gurjodhpal Singh will head up the firm’s business in India. Singh worked for PayU, a payment service company, in the past and has significant experience helping Indian small- to medium-sized businesses (SMBs) for a number of years, the report stated.

Tide provides corporate accounts and adjacent banking offerings. The company, which was established in 2015 and rolled out in 2017, has intentions to set out on Series C fundraising this year, according to the report.

Tide, which offers help for SMBs, said its platform structure is poised for global growth as the fundamental requirements of small companies are global, the report stated.

In July, Tide collaborated with business intelligence company DueDil to strengthen its experience for making a new account, PYMNTS reported.

Tide was to harness the business technology of DueDil, which provides analysis on over 50 million companies across the world to expedite know your customer (KYC) checks and simplify account opening for small firms.

In April, Tide launched a new invoice protection offering with the assistance of Hokodo amid the pandemic.

“We know that overdue invoices put a real strain on [SMBs] even at the best of times,” Tide Vice President of Credit Services Amit Kahana said in a past release.

Late payments comprised an overall 50 billion pounds (approximately $68 billion in today’s dollars) for U.K. SMBs in 2019.