With this tie-up, 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
to enable Tide users to make transactions from its platform.
Founded in 2015, Tide has a long-term ambition to be a leading player in markets accounting for 25% of global SMEs. RBL Bank’s geographical presence across the country, digital banking services, robust product portfolio in the SME space and technical stack will allow Tide to scale up its business in India. 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. Tide plans to acquire 25,000 customers in the next financial year and scale up to two million customers in the next five years.
In a statemen, Surinder Chawla, Head – Branch Banking, RBL Bank said, “RBL Bank has agile technological capabilities and good customer offerings to help Tide build a strong foundation in the country and scale up its business. Together, we want to deiver innovative and integrated services that will improve the overall banking experience for the SME segment.”
Commenting on the partnership, Oliver Prill, Tide CEO said, “RBL Bank offers industry leading banking, payments and security technology, giving Tide the foundations that will enable us to build the best possible service to help SME owners save time and money through its digital banking capabilities. 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.”