Tide partners with Transcorp to roll-out
RuPay powered Expense Card
Tide, the UK’s leading SME-focused business financial
platform that began setting up operations in India in 2020, today announced
that it has partnered with Transcorp International Limited, a 27-year-old
Reserve Bank of India (RBI) regulated Authorised Dealer Category II and
perpetual Prepaid Payment Instrument (PPI) license holder, to launch co-branded
prepaid cards (Tide Expense Card) as an entry product. This roll-out stems from
Tide’s expansion strategy in India, its first international market outside the
UK, and a pillar of its global ambitions.
Tide will offer payment
services to small businesses across India, starting with a Tide Business
Account, accompanied by a Tide Expense Card. These Tide Expense Cards will be
offered in partnership with Transcorp powered by RuPay. Other payment and
business services will follow later this year. The partnership leverages the
expertise of RuPay, India's indigenous payment network, the long-standing
reputation of Transcorp, and Tide’s vast experience with SMEs in the UK, to
help small businesses in India save time and money.
Commenting
on the partnership, 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. With
Transcorp, we are ready to begin our initial product offering of Tide India, in
order to build the best possible service to help SME owners save time and
money.”
Users can
activate and manage their Tide Business Account and Tide Expense Card through
the Tide app, which will also be used to load money, collect payments and check
spending, among other services.
Kumar
Shekhar, VP, Tide (India), said,
“We, at Tide, wish to support entrepreneurs in their journey and believe we’re
in a strong position to do exactly that. As we scale up in India, we will
expand our product offerings for small businesses who wish to take the big step
of starting out in business – whether it’s as a contractor, freelancer, sole
trader, or small business owner. Transcorp is a great partner for Tide, with a
great reputation as an issuer for co-branded prepaid instruments. Transcorp has
already demonstrated success with its partners and Tide is delighted to join
this illustrious list.”
The needs of SMEs
globally are largely universal, with time wasted on business and administrative
tasks being a key issue. Tide exists to fix that problem. Tide has developed
the right approach and a mix of services to meet the diverse needs of small
businesses. In the next year, Tide plans to introduce a few more features like
Business Savings/Current Account in partnership with an RBI-licensed bank, Fund
Transfer, Invoicing, GST and Pay by link, and Credit services, for its members.
“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." said Ayan
Agarwal, Vice President, Transcorp. “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
optimization of stakeholder alignment."
Small businesses that
are just starting out will find the business accounts helpful for their daily
transactions and expenses. Being fully digital, Tide’s Business account is not
just hassle-free, but is secure and protects user privacy.
As the India platform
is built out over the course of 2022, Tide plans to partner with a range of
service providers from payroll providers to credit partners.
About Tide:
Founded in 2015 and launched in 2017,
London-based Tide is now the leading business financial platform in the UK.
Tide helps SMEs save time (and money) in the running of their businesses by not
only offering business accounts and related banking services, but also a
comprehensive set of highly usable administrative solutions. Tide has over
400,000 SME members in the UK (over 7% market share).
Tide has been funded by Apax Digital,
Anthemis, Augmentum, Creandum, Goodwater, Jigsaw, Latitude, LocalGlobe, Passion
Capital, SpeedInvest, SBI Group, and Tencent, amongst others. It employs 900+ professionals worldwide, was
awarded the 2021 UK Fintech Awards' ‘Banking Tech of the Year’ and is among the
Sunday Times Fast Track Disruptors to Watch. Tide has a long-term ambition to
be the leading business financial platform globally.
Tide selected India as its first
international market in 2020. With over 350 highly skilled employees in India,
most based in its Hyderabad technology centre, Tide is presently ramping up
operations for a fully-fledged launch in India later this year.
About
Transcorp International Limited:
Transcorp International Limited is a
27-year-old Reserve Bank of India regulated entity, listed on the Bombay Stock
Exchange with 25 offices nationwide. The company offers a host of financial
services including Foreign Exchange and Remittances as an Authorised Dealer
Category II license holder. The company runs close to 1000 State Bank of India
outlets across India and also operates a 37-year-old travel agency: Ritco
Travels. Transcorp, one of India’s first perpetual PPI license holders,
empowered by RBI’s progressive policies has pioneered and democratised payment
cards in India with its marquee fintech partners. The company was the first non-Bank
to launch network cards in India and wearable payment devices.
and has recently
crossed the milestone of its first million PPI users. Transcorp PPI continues
to have a laser focus on financial inclusion, and B2B partnerships and works
closely with its partners to achieve their fintech goals.
Web: www.transcorpint.com
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