Revolut, a UK-based global financial technology firm, valued at $5.5 billion last year, on Wednesday announced the appointment of Paroma Chatterjee as its chief executive in India, as part of its global expansion plans.
Before joining Revolut, Chatterjee held senior executive roles at Lendingkart, Via.com, Flipkart, and Airtel Money. In her new role at Revolut, she will build and lead the India unit, define and implement the business strategy, hire the team and manage license applications and any potential acquisitions in the market.
Revolut is making a multi-million-pound investment in India over the next five years and has committed itself to the creation of 300 new jobs in the country to serve its global business operations.
“I couldn’t be more excited to join Revolut and become a part of this phenomenal growth journey. It is an honor and a privilege to be asked to lead the business for such a world-class company, in a country that presents one of the largest opportunities globally for Revolut. 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. We will build the bank of the future,” said Chatterjee.
According to a Sky News report two weeks ago, Revolut is on track for fundraising that would value the company at between $10 billion and $15 billion.
Revolut has recruited Heads of operations and legal for the country and is leveraging India’s strong talent pool to recruit across multiple functions including HR, finance, growth, marketing, recruitment, compliance, risk, and technology. The Revolut India subsidiary will also serve as an operations hub for Revolut’s global business, reflecting the skills and talent available in the Indian market.
Globally, Revolut has established itself as an alternative to traditional banking products through its suite of digitally-enabled products across banking and business accounts, cards and payments, foreign exchange transfers and remittances, investments and trading, insurance, and other financial services. Revolut India will look to introduce those products in the country that will help Indians to significantly improve the experience that we currently face in accessing and managing our personal finances.
“With 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 world’s first truly global financial super app. We’re looking forward to transforming the way people in India access and manage their money as we bring our products and services to more people around the world. 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 to help Revolut go from strength to strength,” said Nik Storonsky, CEO and Founder at Revolut.
Revolut says it will be one of the first UK fintech to enter India and can further deepen trade relations between both countries. Its launch in India is the latest step in its international expansion plans, following successful launches in Singapore and Australia in 2019, and the US and Japan in 2020. Revolut has also said it plans to launch in a number of markets across South America and deepen its existing presence in Asia-Pacific.