MUMBAI: UK-based company Revolut, which was valued at $5.5 billion last year, has named Paroma Chatterjee as its CEO in India as it eyes an expansion in the country this year.
Chatterjee was previously Lendingkart’s Chief Business Officer. She has also held senior executive roles at Airtel Money, Flipkart and Via.com.
Revolut’a backers include Silicon Valley-based venture capital firm TCV — an early investor in companies like Facebook and Netflix — Ribbit Capital, DST Global, Lakestar, and GP Bullhound. According to Sky News, Revolut is in the midst of a fundraising that will value the company at more than $10 billion. Revolut declined to comment on this.
The six-year-old startup will make a multi-million-pound investment over the next five years and has committed to creating 300 new jobs in India, it said. Its India subsidiary will also serve as an operations hub for Revolut’s global business.
The digital banking app offers products across banking and business accounts, cards and payments, foreign exchange transfers and remittances, investments and trading, insurance and other financial services. Without specifying details, it said that it plans to introduce products that will help people with accessing and managing personal finances. The company could compete with a range of fintech players and financial services depending on the type of products it launches in India.
“We will build the bank of the future,” Chatterjee said. “I look forward to building an exceptionally talented team and working with them, as we continue to develop superlative financial solutions for millions of consumers in India.”
Commenting on the development Nik Storonsky founder and CEO at Revolut, said: “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.”
“With a wealth of experience in 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 world’s first truly global financial superapp,” Storonsky added.
As part of its global expansion, Revolut launched in Singapore and Australia in 2019, and the US and Japan in 2020. It also plans to expand into South America and deepen its presence in Asia-Pacific.
