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Private sector lender RBL Bank on Tuesday said it will provide banking infrastructure for Tide’s India platform, which is focussed on small and medium enterprises.
“This collaboration will enable Tide to bring its platform to the Indian markets with a full-fledged launch,” it said in a statement on the tie-up with Tide India, which is a part of business banking fintech Tide UK.
“Under the tie-up, businesses — especially small- and medium-sized enterprises — have an option to open current and savings accounts at RBL Bank through Tide’s business platform. Depending on customer requirements, the bank can also integrate its payment APIs (application programming interfaces) to enable Tide users to make seamless transactions from Tide’s platform,” it further said.
Apart from supporting the organised SME sector, Tide will also focus on serving companies in the unregistered and unorganised sector. It plans to acquire 25,000 customers in the next financial year and scale up to 20 lakh customers in the next five years.
“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,” said Oliver Prill, Tide CEO.
Surinder Chawla, Head – Branch Banking, RBL Bank, said: “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.”
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