New Delhi: Tide, a fintech platform based in London, is aiming to onboard 1 million small and medium enterprises (SMEs) in India by December 2024. Tide has already onboarded 50,000 SMEs since entering India in December 2022, according to a company statement. The firm is confident that it will achieve its target with the quick adoption of its platform and market potential in India. The statement also noted that Tide’s app has been downloaded more than 225,000 times on Google Play Store since its launch in India.
Tide has taken a compliance-first approach to its India market strategy. It has onboarded and issued RuPay Cards to its member SMEs (customers) on its platform only after a video-based Know Your Customer (v-KYC) process, as mandated by the Reserve Bank of India. This compliance strategy will help prevent unauthorized users from accessing the platform and prevent bad actors from taking advantage of the platform. The process will also support the inclusion of SMEs in the formal economy, deepen the penetration of Digital India initiatives, and boost credit access for underserved segments. Tide has issued 50,000 fully KYC RuPay cards to its members.
Tide’s current member base in India reveals that Gen Z and millennials display a strong entrepreneurial drive, with 90% of members in the sub-40 age group. Early adoption of Tide’s business banking services is being seen across Maharashtra, Uttar Pradesh, West Bengal, Bihar, and Rajasthan. The platform is being adopted by small Mom & Pop shops, small restaurants, and solopreneurs such as actors, bakers, beauticians, doctors, physiotherapists, teachers, business coaches, insurance brokers, and accounting & tax professionals.
Gurjodhpal Singh, CEO of Tide India, said that Tide believes that the success of a financial platform lies in being agile and compliant at the same time. “While we are on track to achieve our target of onboarding 1 million SMEs by the end of 2024, we are not losing sight of compliance at any point during this journey,” Singh noted. With 9% of the SME market share in the UK, Tide is aiming to expand its presence in the Indian SME ecosystem across Tier 1, 2, and 3 cities. In the coming months, the fintech will launch a suite of tailored products, including a business savings/current account in partnership with a bank, QR code for payments, bank transfers, invoicing, GST, pay by link, and credit services.
