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Tide, one of the leading SME-focused business financial platforms in the UK, has announced a partnership with Transcorp International Limited. The new partners in the market plan to launch RuPay-powered expense cards for SMEs. The collaboration thrives on the expertise of RuPay, India’s domestic payment network, Transcorp’s long-standing reputation, and Tide’s extensive experience with UK SMEs.

Transcorp International Limited, a 27-year-old Authorised Dealer Category II and perpetual Prepaid Payment Instrument (PPI) licence holder regulated by the Reserve Bank of India (RBI), aims to launch co-branded prepaid cards (Tide Expense Card) as an entry product. The company will begin with the Tide Business Account and a Tide Expense Card and thereafter provide payment services to small enterprises all around India.

Later, to assist small businesses in India, additional payment and business services will be added leading to saving time and money.

Tide is also planning to launch an app that will allow users to activate and manage their Tide Business Account and Tide Expense Card. Among other things, users can also load money, collect payments, and check their spending.

Tide CEO Oliver Prill stated, “Launching Tide’s business financial platform in India has been our priority since we announced our international expansion. We are excited to partner with Transcorp as we embark on the next stage of Tide’s journey, to serve the 64-million and growing SMEs in the Indian market. With Transcorp, we are ready to begin our initial product offering of Tide India, in order to build the best possible service to help SME owners save time and money.”

“We, at Tide, wish to support entrepreneurs in their journey and believe we’re in a strong position to do exactly that. As we scale up in India, we will expand our product offerings for small businesses who wish to take the big step of starting out in business – whether it’s as a contractor, freelancer, sole trader, or small business owner. Transcorp is a great partner for Tide, with a great reputation as an issuer for co-branded prepaid instruments. Transcorp has already demonstrated success with its partners and Tide is delighted to join this illustrious list.” said Kumar Shekhar, VP, Tide (India).

Considering the demands of SMEs throughout the world, Tide has created the ideal strategy and a selection of services to satisfy the various requirements of small enterprises.

The company is looking to roll out a few more features in the upcoming year, for its members, including a Business Savings/Current Account in collaboration with a bank that has an RBI licence, Fund Transfer, Invoicing, GST, Pay by Link, and Credit Services.

According to Vice President of Transcorp Ayan Agarwal, “Transcorp is delighted to partner with Tide to enable digital payments and promote financial literacy amongst India’s largest business fraternity: SMEs. This segment is India’s economic backbone but remains financially underserved. With Tide, we aim to include them into the formal economy by delivering excellent products and exceptional service”.

This launch is the result of Tide’s expansion plans in India, which was the company’s first overseas market outside of the UK and is a key component of its international goals.

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