UK-based business financial platform Tide has teamed up with Transcorp International Limited in order to issue prepaid cards intended for SMEs across India.
The co-branded Tide Expense Cards should be introduced as an entry product, supported by India‘s card payment network, Rupay. The Tide app should enable members to add funds, complete payments, and effectively manage spending via their accounts and cards.
Provided via Tide Business accounts, the cards are expected to set the scene for Tide’s business expansion strategy across India, marking the firm’s first venture outside the United Kingdom.
Oliver Prill, CEO of Tide, said:
“Launching Tide’s business financial platform in India has been our priority since we announced our international expansion. We are excited to partner with Transcorp as we embark on the next stage of Tide’s journey, to serve the 64 million and growing SMEs in the Indian market.”
Tide’s main goal in this move is to assist small businesses in India with their ongoing growth. In the foreseeable future, the financial platform plans to help more businesses by offering various new features to their services, such as money transfers, invoicing, accounts in partnership with RBI-authorized banking institutions, GST, pay by link, and credit services.
Ayan Agarwal, VP at Transcorp, stated:
“Transcorp is delighted to partner with Tide to enable digital payments and promote financial literacy amongst India’s largest business fraternity: SMEs. This segment is India’s economic backbone but remains financially underserved. With Tide, we aim to include them into the formal economy by delivering excellent products and exceptional service. As India’s premier non-bank card issuer, Transcorp takes pride in enabling financial inclusion for Indian SMEs, and continuously strives to deliver success to its partners through the optimisation of stakeholder alignment.”
The financial platform also intends to to add various other cards for businesses to its product suite later in 2022.