Tide, a UK-based fintech platform for SMEs, has unveiled plans to invest $138m (£100m) in India.

The move comes after the fintech platform announced its foray into the Indian market.

According to a Hindu Business Line report, Tide aims to create more than 1,000 jobs in the next five years and hire people in several departments including product and software development, marketing, risk & compliance and member support.

In India, the company already has 200 employees, majority of whom are based in its Hyderabad technology centre.

Tide India CEO Gurjodhpal Singh was quoted by the publication as saying: “We, at Tide, are committed to serve India with our innovative business banking solutions and support the country’s post-pandemic economic recovery.

“Through this, Tide looks to contribute to both the countries’ vision in developing a roadmap to a free trade agreement with a target of 100 billion pounds by 2030.”

Tide will offer business accounts and related banking services. The fintech’s service portfolio will also include several administrative solutions such as invoicing, taxation and payroll among others.

The company has also entered into a partnership with Indian private sector lender RBL Bank for bank account infrastructure support.

In a statement, Tide CEO Oliver Prill said: “Tide is committed to serving the 64 million and growing Indian SME sector and will help unleash the true potential of Indian small businesses.”