RBL Bank & Tide, collaborate to serve banking needs of Indian SMEs

MUMBAI: has joined palms with Tide India, half of Tide UK, a business banking fintech, to present banking infrastructure for Tide’s India platform targeted on the SME section. This collaboration will allow Tide to carry its platform to the Indian markets with a full-fledged launch. With one in 20 SMEs within the UK (equal to over 5% market share) utilizing Tide to handle their enterprise banking and administration, it has over 320,000 SME members.

With this tie-up, small and medium sized enterprises have an choice to open present and financial savings accounts at RBL Bank by Tide’s enterprise platform. Depending on buyer necessities, the Bank may also combine its cost

to allow Tide customers to make transactions from its platform.

Founded in 2015, Tide has a long-term ambition to be a number one participant in markets accounting for 25% of world SMEs. RBL Bank’s geographical presence throughout the nation, digital banking companies, strong product portfolio within the SME house and technical stack will enable Tide to scale up its enterprise in India. Apart from supporting the organised SME sector, Tide will even deal with serving the unregistered and unorganised sector, serving to carry these SMEs into the mainstream by offering them entry to RBL Bank’s plethora of enterprise banking services. Tide plans to purchase 25,000 prospects within the subsequent monetary 12 months and scale up to two million prospects within the subsequent 5 years.

In a statemen, Surinder Chawla, Head – Branch Banking, RBL Bank stated, “RBL Bank has agile technological capabilities and good customer offerings to help Tide build a strong foundation in the country and scale up its business. Together, we want to deiver innovative and integrated services that will improve the overall banking experience for the SME segment.”

Commenting on the partnership, Oliver Prill, Tide CEO stated, “RBL Bank offers industry leading banking, payments and security technology, giving Tide the foundations that will enable us to build the best possible service to help SME owners save time and money through its digital banking capabilities. With this partnership, we are ready to begin initial testing of Tide India, before entering into similar partnerships with other leading fintech providers to build our platform during the course of 2021.”

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *