Revolut logo displayed on smartphone and PC screen.
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LONDON – Revolut, a UK-based online banking business, is planning an expansion into India.
The London-based company announced on Thursday that it had tapped Paroma Chatterjee, a former executive for Indian startup businesses Flipkart, Via.com and LendingKart, to lead its operations in the country.
Revolut will invest about $ 25 million in the Indian market and aims to launch its app there by 2022, a company spokeswoman told CNBC. The company, worth $ 5.5 billion in its latest funding round, has raised more than $ 900 million from investors to date.
“We look forward to transforming the way people in India access and manage their money as we bring our products and services to more people around the world,” said Revolut CEO and co -significant Nik Storonsky.
“India is a core market in our expansion strategy with a huge supply of talent, and we are excited to tap into that talent pool to help Revolut go from strength to strength.”
Revolut said it would employ 300 workers in India. To date it has recruited heads of operations and legal and aims to fill a host of other roles in human resources, marketing and compliance.
With a population of 1.3 billion people and growing acceptance of digital payments, India would be a huge market for Revolut.
Founded in 2015, the company started with a travel-focused service for cheap currency exchange transactions but has since introduced further features including stock trading and cryptocurrencies.
It is one of several digital banks in Europe seeking to employ large incumbents with non-branch banking. Others include UK peer Monzo, German competitor N26 and US startup Chime.
Revolut, which has already expanded into Asia in countries like Japan and Singapore, hopes to tap into India’s fast payments 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.
A launch in India would also see Revolut compete with Softtank-backed fintch Paytm, which is used by many Indians to make payments by scanning QR codes.
Revolut says its goal is to become a global bank, and even have ambitions to launch in China, a highly competitive fintech market. The company is said to be in talks to raise fresh money in a round that could price it as much as $ 15 billion, as it increases its international expansion strategy.
The company has had mixed success in North America. Launched in the United States last year, it has since racked up 150,000 clients and is now seeking a banking charter in the country.
But Revolut subsequently announced in February that it would withdraw from Canada 18 months after initially piloting its service there.
Revolut, which lost £ 106.5 million in 2019, recently told CNBC that it managed to break even in November. The company is expected to release its 2020 financial results before the end of spring.