London- An US-based online banking startup Revolut having a valuation of $5.5 billion is planning an expansion into India.
Revolut was founded in 2015 and started as a travel-focused service for cheap currency exchange transactions. Then, it released more features involving stock trading and cryptocurrencies.
On Thursday, the company declared that it had tapped Paroma Chatterjee, a former executive for Indian startups Flipkart, Lendingkart, and Via.com to expand its operations in the nation (India).
For achieving this purpose and to move further into the Indian marketplace Revolut will invest about $25 million over the next five years. Moreover, it will also launch its application in India by 2022.
The highly valuable baking firm has raised around $900 million from investors to date. The Co-founder and CEO Nik Storonsky said- “We’re looking 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”.
While explaining the main reason for stepping into the Indian market, he added- “India is a core market in our expansion strategy with a huge supply of talent, and we’re excited to tap into that talent pool to help Revolut go from strength to strength.”
The company also said to hire fresh talents, and releasing 300 vacancies at its Indian subsidiary. It will serve as a global operations hub for the firm to fill a multitude of other roles in human resources, marketing, compliance, and more.
For such a technical-friendly company, India with a population of 1.3 billion would be a huge benefit in the long with the rising demand of digital users all over the nation. The firm has already operated in several Asian countries Japan and Singapore and soon enter into the fastest-growing economy in India for better growth.
The company is already is in discussion with RBI and several concerned authorities or local banks to secure licenses and needed collaborations to make the seamless launch. The firm will compete with one of the Unicorn banking startups Paytm, which is also trying to tap into the international market.