The UK-based business financial platform looks to contribute to the Indian economy as a key ally in its growth story
Tide will create 1,000 jobs and invest £100m (Rs. 1000 crore) in India over the next five years
June 29, 2021, India: Tide, the UK’s leading business financial platform, selected India as its first international market in 2020, with a fully-fledged launch early next year. As part of its India chapter, Tide announced today that it will create over 1,000 jobs in the next five years. It also plans to invest more than £100m (Rs. 1000 crore) in India as part of the hiring surge, thus contributing to the economy as a key ally in the country’s growth story. This reiterates Tide’s commitment towards supporting the economic development of the country, especially during the ongoing crisis in the aftermath of the second wave of Covid-19. These jobs will be across a wide variety of roles, including product development, software development, marketing, risk & compliance and member support.
Tide already has over 200 highly skilled employees in India, with most based in its Hyderabad technology centre. Tide is building a robust team in India, creating a pool of talented and experienced colleagues that will help build the business, scale operations and further Tide’s desire to unleash the true potential of Indian SMEs by helping them save time (and money) in the running of their businesses.
Commenting on the expansion in India, Oliver Prill, Tide CEO, says, “Tide recognises the ambitions of both the UK and Indian Governments to build India-UK bilateral relationships with an enhanced economic partnership and sees SMEs as being crucial to economic growth in both nations. Tide is committed to serving the 64-million and growing Indian SME sector and will help unleash the true potential of Indian small businesses.”
Congratulating Tide on the achievement, UK Minister for Investment Gerry Grimstone said, “I am pleased that Tide’s innovative business financial platform, part of the UK’s world leading fintech ecosystem, is embracing the opportunities in India’s dynamic and growing SME market. The UK and India have ambitious plans to deepen our trade and investment partnership and bring benefits to both economies, and this is a great example of what we can do together.”
Speaking about the same, Gurjodhpal Singh, CEO, Tide – India, concludes, “We, at Tide, are committed to serve India with our innovative business banking solutions and support the country’s post-pandemic economic recovery. Through this, Tide looks to contribute to both the countries’ vision in developing a roadmap to a free trade agreement with a target of 100 billion pounds by 2030.” 
In addition to business accounts and related banking services, Tide will offer a comprehensive set of highly usable administrative solutions. Not only supporting the organised SME sector, Tide will also focus on serving the unregistered and unorganised sector, helping small businesses digitise and bring them into the mainstream.
As a first step towards this mission, Tide recently announced its collaboration with its first banking partner, RBL Bank, one of India’s fastest growing private sector banks. RBL Bank will provide the bank account infrastructure for Tide’s India platform where members (SMEs) will have an option to open current and savings accounts.
Founded in 2015 and launched in 2017, London-based Tide is now the leading business financial platform in the UK. Tide helps SMEs save time (and money) in the running of their businesses by not only offering business accounts and related banking services, but also a comprehensive set of highly usable administrative solutions. Tide has over 350,000 SME members in the UK (5.5% market share).
Tide has been funded by Anthemis, Augmentum, Creandum, Goodwater, Jigsaw, Latitude, LocalGlobe, Passion Capital, SpeedInvest and The SBI Group. It employs 500+ professionals worldwide, including over 200 in its Hyderabad technology centre, is LinkedIn’s top 10 hottest UK companies to work for and among the Sunday Times Fast Track Disruptors to Watch. Tide has a long-term ambition to operate in markets accounting for 25% of global SMEs.