Tide, the UK’s leading business financial platform has announced its first steps to expand internationally, with a launch in India in the first quarter of 2021. An initial limited test launch of the platform will be followed by a gradual roll-out of the service later in the year.
Having gained significant traction in the UK and developed the right approach and mix of services to meet the diverse and changing needs of small businesses, Tide believes this is the right time to expand.
Tide’s platform model acts as the financial operating system for a small business and is ripe for international expansion. The basic needs of small businesses are universal. Tide’s agile structure and globally unified single code technology means that its business financial platform can be adapted and integrated with local product service partners to suit the specific needs of companies in each market.
Tide selected India as its first international market due to the considerable commercial opportunities available. Tide has a long-term ambition to operate in markets accounting for 25 per cent of global SMEs. With more than 63 million SMEs in India – nearly one in 10 of all SMEs in the world – these digitally savvy companies are vital to the Indian economy but are underserved by the banks. Fintech has been thriving in India due to the combination of the Government’s digitisation efforts and high smartphone penetration.
Tide’s India business will be led by newly appointed CEO, Gurjodhpal Singh, formerly of Indian payment service provider, PayU.
Starting with an Alpha test product, based on Tide’s global technology stack, Tide India is set to go live in the first quarter of 2021. The company already operates a technology centre in Hyderabad, India, and has a team just shy of 100 people, predominantly software developers, working in the country.
Singh will work to expand this team to deliver the launch, supported by Tide CEO, Oliver Prill and CTO, Guy Duncan, who have both run international businesses with significant experience in India. Tide will adapt the structure of its senior leadership to accommodate this international expansion.
Laurence Krieger, who has been integral to building Tide and is currently chief operating and product officer, will be stepping into the UK CEO role.
Oliver Prill, Tide CEO said: “India was selected as our first market outside the UK due to its vast SME population, and the entrepreneurial spirit that is so prevalent in the country. As an aspiring global business financial platform operating in the largest SME market is a must.
As a company, we already know India well and we are confident that Tide can adapt to make business banking better for Indian SMEs. With investment and the expertise Tide already has in the country, we can help underserved SMEs thrive. We are delighted to have Gurjodhpal Singh lead the business in India. His considerable experience in supporting Indian SMEs over many years will be vital.
“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 £10billion in transactions, we now have over five per cent 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. As well as beginning our international journey, we expect 2021 to be another year of significant growth including and one that marks the beginning of our international journey.”