The United Kingdom based banking fintech company, Tide has launched operations in India. This is Tide’s first international foray.

Tide already has a global technology development centre in Hyderabad, where more than 100 engineers are contributing.

Tide was founded in 2015 and launched in 2017 in London. It appointed Gurjodhpal Singh (former PayU executive) for leading its India operations.

The CEO of Tide, Oliver Prill, said, “India, with 63 million SMEs is home to one-tenth of all SMEs globally and the second largest start-up ecosystem worldwide with an entrepreneurial culture, it is also one of the hottest fintech hubs globally. The considerable commercial opportunities, and the fact that Tide’s management team has had extensive experience in the market, led us to choose India as the first port of call in our global expansion journey.”

Tide offers banking solutions primarily aimed at MSMEs and predicts India to become a significant part of its business in future.

The banking fintech company will test launch in the first quarter of 2021 before setting operations nationally later in the year.

Adding to the development centre, Tide has set up its local office in Gurugram stated Prill.

Prill added, “Over time, the company will explore local partnerships to provide additional services to its customers.”