Tide initially slowed and then paused its bounce back loans in June 2020, after reaching around USD 62 million in lending, so it was said that Tide would need to raise over USD 125 million in additional funds to fulfil the volume of loans being requested by the fintech’s customers.
In the letter it was mentioned that in the BBLS, while the loans are 100% backed by the government, cash to fund the loans is not being provided by the state. Therefore, Tide will now campaign for the government to provide such funding, so that it can restart its bounce back lending.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.