Tide has a long-term ambition to be the leading business financial platform globally.
MUMBAI, Mar 1 (The CONNECT) – Ahead of its India launch, UK’s leading business financial platform Tide has set the target of supporting 500,000 women-led SME businesses by the end of 2027.
This move comes close on the heels of Tide’s Women in Business initiative in the UK and the company’s plan to work as an incubator for women business owners in India. Tide selected India as its first international market in 2020. With over 350 highly skilled employees in India, most based in its Hyderabad technology centre, Tide is presently ramping up operations for a full-fledged launch in India later this year.
Today, women run fewer than 13 per cent of businesses in India. The primary reason for this low representation of women in business is access to finance. Nearly 20 percent of women entrepreneurs face rejection by lending institutions, more than twice the rate of 8 percent for men. Other key challenges that hold back women entrepreneurs include, absence of support networks and financial inclusion.
Gurjodhpal Singh, CEO, Tide (India) said from the lessons learnt by working with small businesses every day in the UK, “we understand the support and guidance needed to crack it as a small business owner”. “We believe this mentorship programme will not just prove instrumental in addressing their financial challenges but will also foster digital inclusion,” Singh said.
To further power the company’s vision for women entrepreneurs, Tide has also created an internal Women in Business Mentor Panel under their 'Tide Women Entrepreneurs Mentorship Programme'. The internal panel will feature in-house experts in Leadership, Marketing, Capital Investment, Hiring and Payroll, Taxation, and Legal, among others to provide one-on-one advice and host regular masterclasses, webinars, and AMA sessions for women entrepreneurs.
The mentorship panel will also play an advisory role for women-led small businesses and support them with tracking progress and reporting issues.
Select Tide employees who will be part of this mentor panel have been chosen based on the specific domain knowledge they possess. The business financial platform also plans to partner with external mentors, who have or are working in the MSME space, to play an advisory role in the programme.
Founded in 2015 and launched in 2017, London-based Tide helps SMEs save time (and money) in the running of their businesses by not only offering business accounts and related banking services, but also a comprehensive set of highly usable administrative solutions. Tide has over 400,000 SME members in the UK, enjoying 7% market share.
Tide has been funded by Apax Digital, Anthemis, Augmentum, Creandum, Goodwater, Jigsaw, Latitude, LocalGlobe, Passion Capital, SpeedInvest and The SBI Group. It employs 800+ professionals worldwide, has recently been awarded the UK Fintech Awards' ‘Banking Tech of the Year’ and is among the Sunday Times Fast Track Disruptors to Watch. Tide has a long-term ambition to be the leading business financial platform globally.