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.
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