London-based fintech firm Tide is all set to invest 100 million pounds or over Rs 1000 crore in India by 2026. As a part of their India expansion, they plan to create 1000 jobs, of which more than 60 percent of hiring will take place from Hyderabad.
According to Gurjodhpal Singh, CEO of Tide, their company is committed to providing innovative business banking solutions and supporting the country’s post-pandemic economic recovery. Tide is also looking at contributing to the countries’ vision of developing a roadmap to a free trade agreement, with a target of 100 billion pounds by 2030.
Apart from business accounts and related banking services, Tide will offer a set of administrative solutions to SMEs. The UK firm will not only serve the organized SME, but they will also work at digitizing the unregistered and unorganized SMEs and bring them into the mainstream.
Tide has also announced its collaboration with RBL Bank, to begin with. With this move, Tide intends to provide the bank account infrastructure for Tide’s India platform, wherein SMEs will have an option to open current and savings accounts.
Incidentally, Tide already has 200 employees in India, most of whom are based in its Hyderabad technology center.