peekpublishersTLDR:
- Fintech company Tide has onboarded over 200,000 SMEs in India through its digital platform
- Tide is focusing on ease of doing business and is targeting micro and solopreneurs
Tide, a leading business financial platform in the UK, has achieved a significant milestone by formalizing over 200,000 small and medium-sized enterprises (SMEs) in India through its digital platform. This growth demonstrates the increasing adoption of fintech solutions among SMEs in India, particularly among micro and solopreneurs who see the value in digitizing their finances for ease of doing business.
Tide offers a range of localized products and features for SMEs in India, and it plans to introduce more in 2024, including bank transfers, ATM withdrawals, and bill payments. The company also aims to launch a credit marketplace platform to connect businesses with the right lenders, streamlining the process of accessing credit.
Tide believes that India’s rapidly expanding formal economy presents a unique business opportunity, and it aims to onboard 500,000 SMEs by the end of 2024. The company is targeting regions such as Uttar Pradesh, West Bengal, Maharashtra, Bihar, Rajasthan, Madhya Pradesh, and Odisha, where it is experiencing rapid adoption.
With a compliance-first approach, Tide has implemented robust identity verification processes to onboard genuine entrepreneurs and ensure the security of its platform. The company is also focused on empowering women entrepreneurs in India through its Women in Business program, with a goal of empowering 500,000 women by 2027.
Tide’s success in the UK, where it has a 10% market share among small businesses, indicates its potential for growth and impact in India’s SME sector. The company aims to simplify the challenges of running a small business by providing seamless connections between various financial and accounting services.
Overall, Tide’s rapid growth and range of financial solutions tailored to the evolving needs of SMEs in India highlight its commitment to empowering small businesses and contributing to their socio-economic growth.
