London headquartered Tide, which offers digital business banking services, on Thursday said it has set up a global development centre in Hyderabad.
The 15,000 sq ft facility, as per a statement from the fintech company, will be used to drive and support its technology efforts. The fintech firm operates technology centres in the UK and Bulgaria too.
Founded five years ago by George Bevis, Tide provides mobile-first banking services to small and medium-sized businesses, primarily in the UK. It gives the enterprises a platform to set up a current account and get instant access to a range of smart financial admin services, including automated bookkeeping and integrated invoicing.
The company has reportedly raised a total capital of $114.5 million so far.
“India seemed a natural choice (for the centre) as it offers two distinct and formidable advantages -- it has among the world’s most vibrant, innovative and advanced fintech ecosystem,” Guy Duncan, global CTO of Tide said, adding that the country is one of the largest pools of high-quality technology talent.
The role of the new centre will be expanded as part of the global strategy and involve working with cutting-edge technologies, it said.
The company, which currently employs a little more than 70 technology professionals at the new centre, said it looks to double the headcount in the next three-four months. It has a global workforce of 500 and serves 2,80,000 small business owners.