NewsVoir
Mumbai (Maharashtra) [India], January 16: Tide, the UK's leading business financial platform, has reached a significant milestone by onboarding more than 200,000 SMEs (members) in India since its market entry just over a year ago. Tide's rapid growth in India since December 2022 shows how SMEs are leapfrogging to digitise their finances.
Tide takes a member-first approach, focusing 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 company plans to launch a credit marketplace platform for its members. Tide 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.
Tide believes that India represents a unique business opportunity, with a large untapped market going beyond the official count of 64 million small businesses.
India is undergoing a transformation in digital finance, bringing in a remarkable evolution of the ecosystem, fuelled by the government's Digital India initiative. Millions more SMEs, a long under-served segment, have entered the formal economy in recent years, and are accessing credit as a result.
With a focus on saving businesses time and money, by digitising finance and admin, Tide is doubling down on onboarding, aiming at bringing 500,000 SMEs onto the platform by the end of 2024, so they can benefit from digital and financial services.
Gurjodhpal Singh, CEO, Tide in India, said, "Tide's array of digital solutions help remove the pain points for entrepreneurs, making it much easier for them to do business. This frees them up to focus on growing their ventures and fulfilling their aspirations. We are delighted to provide small businesses with convenient, secure and efficient access to financial services, empowering their introduction into India's rapidly expanding formal economy. By joining Tide, our members also create a financial footprint for themselves, which will drive greater and longer-term access to formal channels of credit, to help them power their businesses. As we celebrate this incredible achievement, we also want to renew our pledge to supporting SMEs, contributing to their socio-economic growth, and to relentlessly bringing solutions tailored to their evolving needs."
With its commitment to protecting its members and restricting unauthorized access to the platform, Tide adopts a compliance-first approach. The fintech has onboarded members with a robust identity verification to formalize only genuine entrepreneurs. The company ensured a digitally secure environment for its members, ahead of India's Digital Personal Data Protection Act 2023, putting the onus on businesses to safeguard users' data.
Tide's member-base reveals Gen Z and younger Millennials form 70% of members in the 18-30 age group. Tide is enjoying rapid adoption across key regions in India, including Uttar Pradesh, West Bengal, Maharashtra, Bihar, Rajasthan, Madhya Pradesh, and Odisha, among others. Close to 70% of the members on the platform are mom & pop stores, freelancers/solopreneurs, including a variety of professional consultants, grocery stores, repair shops and food & beverage outlets.
Looking ahead to reaching half a million members, Tide plans to further expand into Tier 2 and 3 cities, across a range of businesses. Tide is also advancing its Women in Business programme, with a goal to empower 500,000 women entrepreneurs in India by 2027.
Overall, Tide continues to grow rapidly, in terms of member numbers and revenue. Tide is developing many new products and services, to provide seamless connection between different financial and accounting services, as it seeks to simplify the challenges of running a small business.
In the UK, Tide has more than 10% market share, or 1 in 10 small businesses, typically 1-10 people, use Tide. Small businesses in the UK find its mobile app convenient and cost effective, and are able to carry out accounting, administration, payroll, banking, and other financial services on the go.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)
Disclaimer: No Business Standard Journalist was involved in creation of this content