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This UK fintech firm plans to invest Rs 1,000 crore in India, create 1000 jobs

The UK-based business financial platform — Tide — looks to contribute to the Indian economy as a key ally in its growth story. It will create 1,000 jobs and invest £100m (Rs. 1000 crore) in India over the next 5 years.

Edited by: India TV Business Desk New Delhi Published on: June 29, 2021 19:59 IST
UK's leading business financial platform, Tide to boost
Image Source : TIDE

UK's leading business financial platform, Tide to boost employment in India.

UK's leading business financial platform, Tide, as part of its India chapter, announced that it will create over 1,000 jobs in the country in the next five years.

It also plans to invest more than Rs 1000 crore (£100m) 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, 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.

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Tide already has over 200 highly skilled employees in India, with most based in its Hyderabad technology centre.

Aiming at building a robust team in India, Tide is creating a pool of talented and experienced colleagues that will help build the business, scale operations and has further 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, concluded, "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.

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