Revolut to invest $45m in India, hire 300 employees

Revolut, the UK-based fintech powerhouse, is planning to launch in India in the second half of 2022.

Revolut India CEO Paroma Chatterjee / Photo credit: Revolut India

The company will be investing nearly US$45 million for its expansion into India this year, Paroma Chatterjee, CEO of Revolut India, told Tech in Asia. The amount will be used for hiring as well as product development and operating expenses. The company is looking to employ nearly 300 people by the end of the year in the country.

Revolut is also securing regulatory licenses from the country’s central bank to launch its fintech products, which Chatterjee said will be customized to suit the needs of the Indian customer.

The first offering will be its flagship payments and remittance product, which will allow customers to transfer money within India and abroad. It will then launch a trading offering that will enable users to invest in both domestic and international markets. Revolut will follow these products with a lending service for both B2B and B2C segments.

The Tiger Global-backed company is also building a product and engineering hub in India, its first outside of the UK. This hub will serve not only India but also the rest of the Asia-Pacific region. Revolut currently has a presence in ​​Singapore, Australia and Japan and is looking to launch in New Zealand.

In 2021, the firm raised US$800 million at a US$33 billion valuation. Revolut specializes in mobile banking, card payments, money remittance, and foreign exchange. It competes with players such as Nium in Singapore.

See also: Asia a ‘high priority’ for Revolut following mammoth $500m fundraise

Update (Feb. 9, 2.30 p.m. SGT): This article was updated to include that Revolut currently has a presence in ​​Singapore, Australia and Japan and is looking to launch in New Zealand.