UK financial platform Tide commits Rs 1,000 crore investment and more than 1,000 jobs in India

CHENNAI: Tide, a UK-based business financial platform, said on Tuesday that it is entering India as its first international market early next year, and it plans to invest

more

than £100 million (Rs. 1000 crore) in India and create more than 1,000

jobs

in the next five years.

"This reiterates Tide’s commitment towards supporting the economic development of the country, especially during the ongoing crisis in the aftermath of the second wave of Covid-19. These jobs will be across a wide variety of roles, including product development, software development, marketing, risk & compliance and member support," Tide said.

Tide recently announced its collaboration with its first banking partner,

RBL Bank

, which will provide the bank account infrastructure for Tide’s India platform where members (SMEs) will have an option to open current and savings accounts.

Tide already has over 200 employees in India, with most based in its Hyderabad technology centre.

"Tide recognises the ambitions of both the UK and Indian governments to build India-UK bilateral relationships with an enhanced economic partnership and sees SMEs as being crucial to economic growth in both nations. Tide is committed to serving the 64-million and growing Indian SME sector and will help unleash the true potential of Indian small businesses," Oliver Prill, Tide CEO, said.


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