British Fintech Revolut plans to invest $25 million in India over the next five years and launch an app in the country by 2022 , according to CNBC. Paroma Chatterjee, a former executive for Indian start-ups Flipkart, Via.com, and Lendingkart will lead the operations.
India would be a great opportunity for Revolut with its huge population of 1.3 billion people and growing acceptance of digital payments.
Revolut also aims to tap into India’s fast-growing remittances market.
The fintech has already recruited heads of operations and legal and aims to hire 300 employees to fill other roles in human resources, marketing, and compliance.
India’s subsidiary will serve as a global operations hub for Revolut.
Revolut will compete with SoftBank-backed fintech Paytm used by many Indians to make payments by scanning QR codes.
The digital bank managed to break-even in November, after it lost 106.5 million pounds or $148.4 million in 2019.
The bank is now worth $5.5 billion and has raised more than $900 million from investors to date.
Revolut aims to become a global bank with plans to raise fresh funds in a round that could value it as much as $15 billion as it ramps up its international expansion strategy.
