UK business banking FinTech Tide has launched in the Indian market.
Its app and business account are now available to SMEs in India.
It aims to onboard half a million SMEs in the next two years.
This is the first time Tide has expanded outside of the UK
What does this mean?
Tide has been working to enter India for 18 months now, and launched a prepaid card there in July –working with Rupay, an Indian card payment network. This is a big market for Tide with 64mn SMEs which might use its service. Tide is also expanding through acquisitions here in the UK having recently purchased SME lending marketplace Funding Options.