Tide, a business financial platform of UK has onboarded over 200000 SMEs (members) in india since its market entry over a year ago. Informing about the same, an ANI report stated that the rapid growth of the company in India since December 2022 shows how SMEs are leapfrogging to digitise their finances.
As per the information, with a member-first approach, Tide focuses on removing the pain points for small businesses, starting with the Tide account and Card. “Tide is increasingly providing a range of products which are localised to SMEs in India. Members can anticipate features on the Tide app, including Khata, Bank Transfers, ATM withdrawals, Bill Payments and more in 2024,” the report said.
The report further informed that with plans to launch a credit marketplace platform for its members, the company will help connect small businesses with the right set of lenders, streamlining the process of accessing credit and significantly reducing the time involved. “This solution is designed to empower small businesses, offering them efficient and easy access to formal credit,” it said.
Undergoing a transformation in digital finance, India is witnessing a remarkable evolution of the ecosystem. Tide believes that the country represents a unique business opportunity, with a large untapped market.