Tide, a SME focused financial platform has partnered with Transcorp International Limited, a Category II dealer and PPI license holder to launch co-branded prepaid cards powered by RuPay for small and medium businesses.
Tide in a statement said, this roll-out stems its expansion strategy in India, its first international market outside the UK. It 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, it added.
Oliver Prill, CEO, 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.”
Kumar Shekhar, VP, Tide (India), said, “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.”
“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.