Tide RuPay card dropped a BOMB when announced that it has crossed 200K SME in India | Target 500K by December 2024
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Tide RuPay card dropped a BOMB when announced that it has crossed 200K SME in India | Target 500K by December 2024:
Yesterday, Tide Bank (a UK SME neo-bank) dropped a BOMB when announced that it has crossed ~200K SME onboards in < 14 months of its launch in India.
🤯 To set the context:
December 2022 = 0
April 2023 = ~50K
January 2024 = ~200K
December 2024 (target) = ~500K
💡 The big SME neo-bank in India is Bank Open which has ~3.5M onboards; so Tide isn’t yet a contender but we should understand what is happening here:
(1) About Tide 💸
- Founded in 2015, Tide is a neo-bank focused on the SME segment.
- It started out in the UK and has grown to ~500K SME customers in the UK itself
(2) Their commitment to India 🤝
- They committed ~₹1000 crore (i.e. ~$125M) to India out of their total ~$200M corpus raised to date
- Out of ~2K employees, almost ~800 employees are based in India b/w HYD & DEL
- Tide chose India as their 1st international market in 2020 & commenced Ops later in 2021; hired a Pay-U executive to be their India CEO
(3) Products they are offering in India
- They have 2 active products: Business Current Account & Business Expense Card
- The Expense Card (July 2022) is a RuPay network pre-paid card (powered by TransCorp International Limited - BSE Listed entity - which has an RBI PPI license)
- The Current Account (December 2022) is powered by RBL Bank.
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➡️ Gen Z and younger Millennials form 70% of members in the 18-30 age group.
➡️ 28% of members in the 31-50 age group.
➡️ Tide 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 & pop stores, freelancers / solopreneurs, including a variety of professional consultants, grocery stores, repair shops and food & beverage outlets.
Tide is doubling down on onboarding, aiming at bringing 500,000 SMEs onto the platform by the end of 2024, so they can benefit from digital and financial services. Tide is also advancing its Women in Business programme, with a goal to empower 500,000 women entrepreneurs in India by 2027.
@VR_Rahman
Matlab 2% hi real hai baki iski topi uske sar.. kya milta hai inko itna lootwakar?
What is the BOMB here, i read the article twice but didn't understood anything.
TIDE WALE KO LOOTO GHAR KE SABHI MEMBER KE NAME PER AC OPEN KRO 3.5% CASHBACK
LOOTOOO
Rajma season. Big role of ar**d*m in gaining this much energy
@MegaMind90 the bomb's energy will reach soon
With @abhishek012 s abhishekam even a school ID card can clock 100K txns.