Tide rolls out credit marketplace platform to empower SMBs in India
By Gloria Methri
Tide, the UK-based business financial platform, plans to launch a credit marketplace platform for its 200,000 SME members in India.
Tide will help connect small businesses with the right set of lenders, streamlining the process of accessing credit and significantly reducing the time involved. This solution is designed to empower small businesses, offering them efficient and easy access to formal credit.
Tide believes that India represents a unique business opportunity, with a largely untapped market going beyond the official count of 64 million SMBs. With a focus on saving businesses time and money, by digitising finance and admin, Tide is doubling down on onboarding, aiming at bringing 500,000 SMEs onto the platform by the end of 2024.
Gurjodhpal Singh, CEO, of Tide in India, said, “Tide’s array of digital solutions helps remove the pain points for entrepreneurs, making it much easier for them to do business. This frees them up to focus on growing their ventures and fulfilling their aspirations. We are delighted to provide small businesses with convenient, secure, and efficient access to financial services, empowering their introduction into India’s rapidly expanding formal economy.”
Tide’s member base reveals Gen Z and younger Millennials form 70% of members in the 18-30 age group. The company said it is enjoying rapid adoption across key regions in India, including Uttar Pradesh, West Bengal, Maharashtra, Bihar, Rajasthan, Madhya Pradesh, and Odisha, among others. Close to 70% of the members on the platform are mom-and-pop stores, freelancers/solopreneurs, including a variety of professional consultants, grocery stores, repair shops and food & beverage outlets.
Looking ahead to reaching half a million members, Tide plans to further expand into Tier 2 and 3 cities, across a range of businesses. Tide is also advancing its Women in Business programme, to empower 500,000 women entrepreneurs in India by 2027.
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