Reported by: banking|Updated: April 1, 2021
RBL Bank has tied up with Tide, the UK’s leading business banking fintech, to provide bank account infrastructure for Tide’s India platform, focused on the SME segment. The collaboration will enable Tide to bring its platform to the Indian market with a full-fledged launch. With one in 20 SMEs in the UK (equivalent to over 5% market share) using Tide to manage their business banking and administration, it has over 320,000 SME members. Under the tie-up, Tide members, which are essentially SMEs, have an option to open current and savings accounts at RBL Bank through Tide’s platform. Through RBL payment APIs, Tide members will be able to make seamless transactions from Tide’s platform. Apart from supporting the organised SME sector, Tide will also focus on serving the unregistered and unorganized sector, helping bring these SMEs into the mainstream. Tide plans to acquire 25,000 members in the next financial year and scale up to two million customers in the next five years.