RBL Bank has recently joined hands with UK based business banking fintech Tide with an objective to provide bank account infrastructure to Tide’s India platform, focused on the SME segment.
This partnership is expected to help Tide in expanding its platform to the Indian market with a full-fledged launch. As per the agreement, Tide members, small and medium-sized enterprises, will get the option to open current and savings accounts at RBL Bank through Tide’s platform. Tide members will be able to make seamless transactions from Tide’s platform through RBL payment APIs.
Surinder Chawla, Head, – Branch Banking, RBL Bank, remarked, “We are excited about this strategic tie-up with Tide, that 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, CEO, Tide, stated, “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. 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.”