PayPal, Tide, Enfusion to boost employee base in India

PayPal, Tide, Enfusion to boost employee base in India
Photo Credit: Reuters
3 Mar, 2021

On Wednesday, three global technology startups operating in the financial services space separately announced the expansion of their employee base in India.

Palo Alto, California-based online payment system provider PayPal said it will hire 1,000 engineers for its development centre (DC) offices in Bengaluru, Chennai and Hyderabad in 2021.

The three centres currently employ over 4,500 people. 

The Elon Musk-founded company will hire across roles of software, product development, data science, risk analytics and business analytics at entry, mid-level and senior levels, as per a statement.

PayPal India looks to campus hire from top engineering colleges in the country, it said.

“Our India technology centers are the largest for PayPal outside of the United States, and play a pivotal role in enabling us to constantly innovate and remain ahead of the curve. As digital payments move from a nice to have to an essential service, we are focused on investing in and nurturing world class technology talent to continue to offer products and services that meet the needs of our growing base of consumers and merchants,” Guru Bhat, vice president, omni channel and customer success, and general manager at PayPal India, said.

Watch: Investments in cloud enablement, security really helped (in this crisis): Guru Bhat, PayPal

Founded in 1998, PayPal currently services over 375 million consumers and merchants in more than 200 markets globally. Last month, it said it will wind down its domestic payments business in India from April to focus on its cross-border payments business in the subcontinent.

Global customers will still be able to pay Indian merchants using PayPal.

In a separate development on Wednesday, London-based business banking fintech solution provider Tide said it plans to increase its India headcount by 350 skilled professionals in 2021 to take the total employees in the country to over 400.

“Over 180 of these will be in areas such as engineering and product development, plus over 100 additional positions in the likes of support and servicing, for Tide’s global development center in Hyderabad, tasked with supporting the firms’ ambitious global expansion and constant innovation to deliver higher value to SMEs. Another 50 will be in areas such as marketing and support which will be based in Tide’s corporate office in Gurugram as it seeks to replicate its success in the UK market, in India,” a statement said.

Founded in 2015, Tide forayed into India in the first quarter of 2021. The company offers business accounts, related banking services, and administrative solutions to MSMEs.

Separately, Chicago, Illinois headquartered Enfusion, which offers software, managed services and analytics to investment managers and hedge funds, on Wednesday said it has doubled office space in Mumbai, and opened a new office in Bengaluru. 

It increased its employee count in Mumbai by more than 120 individuals in 2020, as per a statement.