Revolut plans to start operations in India in H2 2022

Tuesday 8 February 2022 10:37 CET | News

UK-based digital banking services provider Revolut has announced developing a long-term strategy in India, with plans to hire close to 300 people by the end of 2022. 

Company officials have stated that the digital bank aims to start with payments by offering cross-border remittances, followed by trading and investments.

The company has already started work on building a product and engineering hub in India, which will be the first outside of the UK. The hub will also be serving the company’s markets around India, mainly in South East Asia. With a plan to enter various fintech verticals, Revolut will be competing with multiple home-grown and foreign players across India’s fintech space. The company will be set against legacy banks and NBFCs, fintechs in the space of neobanking like Open, Razorpay, Jupiter etc., and also stock broking platforms like Zerodha, INDMoney, among others.

For the Indian market, the company has committed an initial investment of a little over USD 45 million, details. Revolut has been expanding beyond the United Kingdom and the United States markets and secured an USD 800-million funding led by Tiger Global and SoftBank in July 2021, which valued the startup at USD 33 billion.

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Keywords: Revolut, expansion, digital banking, funding, neobanks
Categories: Banking & Fintech
Companies: Revolut
Countries: India
This article is part of category

Banking & Fintech


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