Tide partners with Transcorp to roll-out RuPay powered Expense Card

~Plans to launch other Payment and Business services later this year~

July 05, 2022, Mumbai: Tide, the UK’s leading SME-focused business financial platform  that began setting up operations in India in 2020, today announced that it has partnered with Transcorp International Limited, a 27-year-old Reserve Bank of India (RBI) regulated Authorised Dealer Category II and perpetual Prepaid Payment Instrument (PPI) license holder, to launch co-branded prepaid cards (Tide Expense Card) as an entry product. This roll-out stems from Tide’s expansion strategy in India, its first international market outside the UK, and a pillar of its global ambitions.

Tide will offer payment services to small businesses across India, starting with a Tide Business Account, accompanied by a Tide Expense Card. These Tide Expense Cards will be offered in partnership with Transcorp powered by RuPay. Other payment and business services will follow later this year. The partnership leverages the expertise of RuPay, India’s indigenous payment network, the long-standing reputation of Transcorp, and Tide’s vast experience with SMEs in the UK, to help small businesses in India save time and money.

Users will be able to activate and manage their Tide Business Account and Tide Expense Card through the Tide app, which will also be used to load money, collect payments and check spends, amongst other services.

The needs of SMEs globally are largely universal, with time wasted on business and administrative tasks being a key issue. Tide exists to fix that problem. Tide has developed the right approach and a mix of services to meet the diverse needs of small businesses. In the next year, Tide plans to introduce a few more features like Business Savings/Current Account in partnership with a RBI-licensed bank, Fund Transfer, Invoicing, GST and Pay by link and Credit services, for its members. 

Small businesses that are just starting out will find the business accounts helpful for their daily transactions and expenses. Being fully-digital, Tide’s Business account is not just hassle-free, but is secure and protects user privacy. 

As the India platform is built out over the course of 2022, Tide plans to partner with a range of service providers from payroll providers to credit partners.