RBL Bank partners UK fintech to serve the banking needs of Indian SMEs
Tide is a leading UK-based fintech which is set to launch in India as its first overseas market.
March 30, 2021 / 05:53 PM IST
Private sector lender RBL Bank on March 30 has said that it will provide banking infrastructure to UK-based fintech Tide's India platform which is focussed on small and medium (SME) segment.
Tide is a leading which is set to launch in India as its first overseas market.
Under the tie-up, businesses – especially, small and medium-sized enterprises – have an option to open current and savings accounts at RBL Bank through Tide’s business platform. Depending on customer requirements, the Bank can also integrate its payment APIs to enable Tide users to make seamless transactions from Tide’s platform.
"This collaboration will enable Tide to bring its platform to the Indian markets with a full fledged launch", the bank said in its press release.
Apart from supporting the organised SME sector, Tide will also focus on serving the unregistered and unorganised sector, helping bring these SMEs into the mainstream by providing them access to RBL Bank’s plethora of business banking products and services. It plans to acquire 25,000 customers in the next financial year and scale up to 20 lakh customers in the next five years.
Speaking about the tie-up, Surinder Chawla, Head – Branch Banking, RBL Bank said, "We are excited about this strategic tie-up with Tide, that shares our mission of reaching out to the underserved segment. RBL Bank has agile technological capabilities and compelling customer offerings to help Tide build a strong foundation in the country and scale up its business. Together, we are passionate about delivering innovative and integrated services that will improve the overall banking experience for the SME segment."
Tide CEO, Oliver Prill, said, “We could not have a better banking partner than RBL Bank as we embark on the next stage of Tide’s journey, building a business financial platform to serve SMEs in the Indian market. 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.”