UK challenger bank Revolut plans 300 hires for India subsidiary
Apr 22, 2021 (MarketLine via COMTEX) —
Revolut has unveiled plans to hire 300 employees for its India unit and make a multi- million pound investment over the next five years in the country.
The British challenger bank has also tapped ex-Flipkart executive Paroma Chatterjee to spearhead the business.
Chatterjee has previously also held senior positions at Lendingkart, Via.com, and Airtel Money in addition to Flipkart.
In the role of India CEO, Chatterjee will define and implement the business strategy, and hire the team.
She will also be tasked with managing licence applications and potential acquisitions in the market.
Revolut has already hired heads of operations and legal for the country.
Plans are on to hire in other areasAsuch as HR, finance, growth, marketing, recruitment, compliance, risk and technology.
The firm said that its India unit will be an operations hub for its global business.
Revolut CEO and founderANik Storonsky called India a aEURoecore marketaEUR in our expansion plan with aEURoehuge supply of talentaEUR.
Talking about Chatterjee, Storonsky stated: aEURoeWith a wealth of experience in the fintech and consumer tech sectors and an outstanding track record, Paroma is an excellent fit for the role and her appointment is a major achievement in our continued mission to become the worldaEUR(TM)s first truly global financial superapp.aEUR
Last February, Revolut secured an additional $500m in a Series D funding found, valuing the business at $5.5bn.
Recently, a report said that the firm is planning a fundraising in the second half of the year and is working with US-based, fintech focused investment bank FT Partners.
The fresh fundraising could reportedly push RevolutaEUR(TM)s valuation to over $10bn.
Revolut moves in 2021The recent year has been eventful for Revolut until now.
Last month, the fintech withdrew from Canada, almost 18 months after launching a beta version there.
Soon after it applied for a US banking licence with plans to introduce Revolut Business across all 50 states.
Revolut also has a presence in Singapore and Australia where it launched in 2019, and Japan where it launched in 2020.
It intends to further strengthen its reach in the Asia-Pacific market, as well as launch in several markets in South America.
Earlier this month, Revolut said that it will allow its employees to work from abroad for up to 60 days a year, as part of its pledge to support agile working.
Meanwhile, earlier this year, a report said that Revolut is planning to extend its instant money transfer service to and from India at zero cost.
The fintech is currently in talks with the Reserve Bank of India (RBI), local banks, and fintech startups for the launch, according to the report.
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