Fintech firm, Tide , the UK’s leading SME-focused neobank, has forayed into the India market, its first international market. As part of its India chapter, Tide announced that it will create over 1,000 jobs and invest more than ₹1,000 crore in India.

These jobs will be across a wide variety of roles, including product development, software development, marketing, risk & compliance and member support. Hiring has already begun and the company will be hiring both freshers and laterals across levels.

Tide already has over 200 highly skilled employees in India, with most based in its Hyderabad technology centre, which was set up in early 2020. Its business headquarters are in Gurugram. 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 running their businesses.

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“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,” said Gurjodhpal Singh, CEO, Tide India.

Besides providing business accounts and related banking services, Tide will also offer a comprehensive set of administrative solutions including invoicing, digital ledger, taxation, payroll etc. to help SMEs run their businesses easily and efficiently. Besides supporting the organised SME sector, Tide will also focus on serving the unregistered and unorganised sector, helping small businesses digitise and bringing them into the mainstream.

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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.

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.”

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