British firm Tide opens global development centre in Hyderabad

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.

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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.

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“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.