Rs 340 crore investments by UK’s Revolut

The investments are for Revolut’s first cross-border remittance product in India, which it plans to launch in the second half of 2022

PRAVASISAMWAD.COM

British fintech giant Revolut has pumped Rs 340 crore (roughly $45.5 million) into Revolut India as a part of its first tranche of investments in its Indian arm, according to a top executive quoted by ET. The investments are for Revolut’s first cross-border remittance product in India, which it plans to launch in the second half of 2022. The company is still in talks with the Reserve Bank of India (RBI) to procure the necessary licences for its products.

Founded in 2015, Revolut provides banking services, international remittances and peer-to-peer payments. It also offers a prepaid debit card that allows users to make ATM withdrawals. Over the past year, the company has diversified into stock trading, crypto investments, travel bookings and ecommerce in a bid to become a financial superapp.

In July 2021, the company raised $800 million in a funding round led by Japan’s SoftBank and New Yorkbased Tiger Global at a valuation of $33 billion, making it one of the most valuable fintechs in the world after US-based Stripe and Sweden’s Klarna. It was looking to leverage the funds to ramp up its play in the US, India and Latin America.

Revolut has been offering crypto investments globally on its platform since 2017. However, the company has no immediate plans to launch crypto trading for Indian users

In India, Revolut is bullish on domestic remittances and will look to offer Unified Payments Interface (UPI) payments to Indian consumers along with its flagship international cards. Over the next few years, the company is gearing up to also launch trading and investments, and debut credit-based products for consumers and small and medium enterprises (SMEs). The company has also been scouting local acquisitions to turbocharge its growth in India.

“The ambition is to customise and bring in all the financial services present on the Revolut app internationally to Indian audiences,” Paroma Chatterjee, Chief Executive Officer at Revolut India was quoted saying to ET. “With existing apps already catering to domestic remittances, differentiation for Revolut is cross-border remittances. We will bring the entire payment suite including cards to address all forms of customer payment needs.”

Revolut has been offering crypto investments globally on its platform since 2017. However, the company has no immediate plans to launch crypto trading for Indian users.

************************************************************************

Readers

These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.

Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world.  We have taken the small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.

Please help us to keep our journalism independent and free.

In these difficult times, to run a news website requires finances. While every contribution, big or small, will makes a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.

For more information: pravasisamwad00@gmail.com