Tide signs deal with RBL Bank to underpin Indian expansion
RBL Bank in India has signed a deal with UK-based Tide, providing a platform for the latter’s Indian banking platform.
Tide plans to gain 25,000 new customers in India
The deal sees the fintech connect to RBL through payment application programming interfaces (APIs), and enable its users to make “seamless transactions” and open current and savings accounts.
Tide’s budding Indian operations are led by Gurjodhpal Singh, a former executive at PayU. It aims to accrue more than 25,000 new customers in the country.
“With this partnership, we are ready to begin initial testing of Tide India, before entering into similar partnerships,” says Tide CEO Oliver Prill.
Founded in 1943, RBL is an Indian private sector bank headquartered in Mumbai. It offers corporate and institutional banking, commercial banking, retail assets, and treasury operations.
The bank operates 372 branches and 394 ATMs across 28 states in India. It holds around $11 billion in assets.
Surinder Chawla, head of branch banking at RBL, says the firm has “agile technological capabilities and compelling customer offerings to help Tide build a strong foundation in the country and scale up its business.”
The SME fintech says it’s accumulated 340,000 business accounts in the UK so far. It also claims to have processed £10 billion in transactions to-date.
Tide plans to complete a Series C fundraising round in 2021, but the value is yet to be confirmed. Its last round closed at £60 million in October 2019.
