UK-based fintech for small and medium-sized enterprises (SME) Tide is planning to expand into India, media reports said. As a part of its international rollout plan, the fintech is looking to launch its operations in India during the first quarter of 2021. India is the first market that Tide is expanding into as it is home to 10 percent of the world’s SMEs.
Tide, which is headquartered in London, provides online current accounts. Tide’s banking services are provided by PrePay Solutions, who are regulated by the FCA through an emoney license.
Tide chief executive officer Oliver Prill told the media, “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.”
It was reported last year that UK fintech funding has dropped by 39 percent in the first half of the year compared to the same period last year. Innovate Finance in its report said that the reduction at the seed level points to the fact that there is a lack of capital deployed to early-stage startups during the pandemic.