Revolut to Invest $ 670 Million in India Over Five Years
Revolut, a global financial services firm, has pledged $669.2 million (approximately Rs 5,941 crore) to the Indian market over the next five years while introducing a range of payment and forex offerings, says group chief banking officer Siddhartha Jajodia.
The fintech based in the UK, with a global valuation of approximately $75 billion, announced that the funding will be allocated to developing new products, enhancing its global capability centres (GCC), and obtaining more regulatory licenses in India.
"India is an essential market as we envision ourselves evolving into a genuinely international bank. We're adopting a long-term perspective on every key market we enter. We are highly positive about the expansion in India and the future success milestone. Therefore, we aim to create for that future," stated Jajodia.
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Revolut has obtained two licenses to date — an Authorised Dealer (AD-II) forex license and a domestic prepaid payment instrument (PPI) license — enabling it to provide both domestic and international payments on one platform. The firm introduced a unified app for local and global transactions via UPI-connected prepaid cards and multi-currency forex cards.
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Revolut presently has approximately 3,500 employees in India, making up 35 percent of its worldwide staff.
The firm has invested $45 million (Rs 399.5 crore) to develop its India stack, featuring a locally compliant version of its main technology platform and application. The new $669.2 million investment will enhance its technology and talent initiatives.
International technology firms must allocate resources to establish local data processing facilities to comply with the strict data localization regulations set by the RBI.
In India’s bustling digital payments sector, Revolut will rival leaders PhonePe, Google Pay, Paytm, and major traditional banks.
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In contrast to numerous other international firms that function as technology service providers in India, Revolut has opted for the licensing approach by creating its own tools to drive its services.