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.
