Revolut to Expand in India, Will Hire 300 Staff as Part of Expansion: Report

Digital bank Revolut is expanding into India, according to multiple reports. India, with a population of over 1.3 billion, assets of public sector banks are around Rs. 107.83 lakh crore or USD $ 1.52 trillion as of 2020, according to a recent report. In India, there is a multitude of private banks, both regional and national, as well as thousands of cooperative banks.  While there are already established digital banks operating in India, it appears that Revolut sees opportunity in the Southeast Asian country.

According to Reuters, Revolut has hired Paroma Chatterjee, a former executive at Lendingkart, Via.com, and Flipkart, to lead the expansion. Additionally, Revolut is expecting to hire over 300 new employees while investing about USD $25 million to launch in the new market.

Revolut CEO and co-founder Nik Storonsky told CNBC that “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.”

Revolut has long held an ambition to become a global money centre bank and India is not the only country slated for expansion. Other countries on the list include Hong Kong, Japan, and other nations.

It was recently reported that Revolut may be looking to raise more growth capital. A new funding round may value the Fintech at over £7.2 billion (appr. $10 billion). If Revolut wants to keep its ambitious pace of adding new countries and new features it will need a solid war chest to accomplish these goals.

Sponsored Links by DQ Promote


 

Send this to a friend