UK-based fintech company Tide on Wednesday announced the elevation of Kumar Shekhar as deputy country manager, Tide India.
Kumar has been associated with Tide since March 2021 and in his tenure, he has played a key role in development of Tide’s know-your-customer (KYC) & underwriting, transaction monitoring, customer service, and sales support teams.
Tide which entered India in the year 2020, provides mainly two business banking solutions – the Tide Business Account and its RuPay-powered Tide Expense Card, which is issued in partnership with Transcorp - an RBI-registered prepaid payment instruments (PPI) issuer.
The company aims to tap into the $121 million revenue opportunity in India in the coming years.
Amongst his major responsibilities post elevation, Kumar is expected to work on strengthening Tide’s presence in India, and its national growth, and improve its ability to meet the needs of Tide members i.e mostly SMEs.
Kumar has more than 16 years of experience in operations, servicing, risk & fraud management, collection, internal audit, headcount & cost planning, and team management. Before joining Tide, Kumar served as the vice president-risk operations at PayU Payments and held leadership positions at GE Capital and SBI Card.
Founded in 2015, UK-based Tide is an SME-focused business financial platform that claims to help SMEs save time and money by providing business accounts and related banking services, as well as a collection of usable administrative solutions. Tide has over 475,000 SME members in the UK, accounting for nearly 8% of the market share, according to the company.
Tide has been funded by Anthemis, Apax Digital, Augmentum, Creandum, Goodwater, Jigsaw, Latitude, LocalGlobe, Passion Capital, SBI Group, SpeedInvest, and Tencent, amongst others.
Tide has a 1,000-employee team worldwide out of which 500 employees are in India. In December 2021, the company announced that it is planning to hire over 600 tech professionals in India by the end of 2026. The company set up a global development centre in Hyderabad in 2020 with its business headquarters in Delhi.
