Tide, a UK-based digital banking newcomer, has announced its successful onboarding of 50,000 small and medium-sized enterprises (SMEs) in India. This marks a significant achievement for the fintech firm, which launched its Indian operations in June 2020. According to Tide, its user acquisition in India continues to grow at an impressive pace, and the firm has already surpassed its initial target of 10,000 new customers.
The company’s rapid growth in India can be attributed to its user-friendly digital banking platform, which simplifies the banking process for SMEs. Tide offers a range of features designed to meet the needs of modern businesses, such as invoicing, expense management, and real-time transaction tracking. The firm also offers multi-currency support and integration with leading accounting software, making it an attractive option for SMEs operating in an increasingly globalized economy.
For India’s vast and highly fragmented SME sector, which accounts for around 30% of the country’s gross domestic product (GDP), digital banking represents a significant opportunity. Traditional banks have long been criticized for neglecting this key segment of the economy, and many SMEs have struggled to access the financial services they need to grow and thrive. By offering a modern, accessible alternative to traditional banking, fintech firms like Tide are helping to bridge this gap and empower India’s SMEs.
Tide’s success in India is also a testament to the growing demand for digital banking services in emerging markets. The COVID-19 pandemic has accelerated the shift towards remote, digital-first banking models, and fintech firms are well-positioned to capitalize on this trend. As more businesses and consumers seek out fast, flexible, and cost-effective banking solutions, we can expect to see further growth and innovation in the digital banking space.
