Tide teams up with Transcorp to roll-out RuPay powered Expense Card
- ByStartupStory | July 6, 2022
Tide, one of the top SME-focused business financial platforms in the UK, announced on Tuesday that it has teamed up with 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), to launch co-branded prepaid cards (Tide Expense Card) as an entry product. 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.
Tide will start with a Tide Business Account and a Tide Expense Card and thereafter provide payment services to small enterprises all around India. In collaboration with Transcorp and powered by RuPay, these Tide Expense Cards will be made available. Later this year, additional payment and business services will be added. To assist small businesses in India in saving time and money, the alliance draws on the knowledge of RuPay, India’s domestic payment network, Transcorp’s longstanding reputation, and Tide’s extensive experience working with SMEs in the UK.
Tide CEO Oliver Prill stated, “Since we announced our international growth, launching Tide’s business financial platform in India has been our top goal. As we begin the next phase of Tide’s journey and service the 64 million and expanding SMEs in the Indian market, we are thrilled to partner with Transcorp. In order to create the greatest solution to aid SME owners in saving time and money, we are prepared to launch Tide India’s debut product offering with Transcorp.” The Tide app, which will also be used to load money, collect payments, and check spends among other things, will allow users to activate and manage their Tide Business Account and Tide Expense Card.
“We, at Tide, desire to encourage entrepreneurs on their journey and believe we’re in a fantastic position to accomplish exactly that As we grow in India, we will broaden the range of products we offer to small businesses looking to launch their ventures, whether they do so as an independent contractor, freelancer, sole proprietor, or small business owner. Transcorp, a reputable issuer of co-branded prepaid instruments, is a fantastic partner for Tide. Tide is proud to join this esteemed group, which Transcorp has already proven successful with,” said Kumar Shekhar, VP, Tide (India).
Ayan Agarwal, Vice President, Transcorp, stated, “Transcorp is delightedto collaborate with Tide to facilitate digital payments and advance financial literacy among SMEs, the largest business sector in India. Despite being the core of the Indian economy, this sector is still poorly supplied financially. With Tide, we hope to include them into the formal economy by giving good products and exceptional service. Transcorp takes pleasure in providing financial inclusion for Indian SMEs as India’s leading non-bank card issuer, and consistently works to provide success to its partners through the optimization of stakeholder alignment.”
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