Revolut to expand in India

Friday 23 April 2021 13:59 CET | News

Revolut has announced it is planning an expansion into India.

The UK-based company had tapped Paroma Chatterjee, a former executive for Indian startups Flipkart, and Lendingkart, to lead its operations in the country.

Revolut will invest about USD 25 million into the Indian market over the next five years and aims to launch its app there by 2022. The company, worth USD 5.5 billion in its most recent funding round, has raised more than USD 900 million from investors to date.

Revolut said it would hire 300 employees at its India subsidiary, which will serve as a global operations hub for the company. It’s so far recruited heads of operations and legal and aims to fill a multitude of other roles in human resources, marketing, and compliance.

Revolut, which has already expanded into Asia in countries like Japan and Singapore, is hoping to tap into India’s remittances market. The company is in talks with the Reserve Bank of India and several local banks to secure the licenses and partnerships required to make the launch happen.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Revolut, digital banking, banks, startup, partnership
Categories: Banking & Fintech | Online & Mobile Banking
Countries: India
This article is part of category

Banking & Fintech