RBL Bank to provide banking infrastructure for UK-based fintech Tide's Indian platform in SME segment

RBL Bank stated that the collaboration will enable Tide to bring its platform to the Indian markets with a full-fledged launch.

Mar 30, 2021 03:03 IST India Infoline News Service

RBL Bank
RBL Bank on Tuesday announced its partnership with Tide India, part of Tide UK, the UK’s leading business banking fintech, to provide banking infrastructure for Tide’s India platform focused on the SME segment.

In a statement, RBL Bank stated that the collaboration will enable Tide to bring its platform to the Indian markets 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.

Surinder Chawla, Head – Branch Banking, RBL Bank said, "We are excited about this strategic tie-up with Tide, which shares our mission of reaching out to the underserved segment. RBL Bank has agile technological capabilities and compelling customer offerings to help Tide build a strong foundation in the country and scale up its business. Together, we are passionate about delivering innovative and integrated services that will improve the overall banking experience for the SME segment."

Dr Oliver Prill, Tide CEO said, “We could not have a better banking partner than RBL Bank as we embark on the next stage of Tide’s journey, building a business financial platform to serve SMEs in the Indian market. 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”

As per the deal, businesses – especially 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 APIs to enable Tide users to make seamless transactions from Tide’s platform.

At around 3.19 pm, RBL Bank was trading at Rs207.80 per piece down by 1.6% on Sensex. 

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