Revolut, one of the largest neo-banks based out of London, has appointed former LendkingKart and Airtel Money executive Paroma Chatterjee to head its India operations, the company said in a statement. The neo-bank, which serves 15 million customers globally, is looking to hire 300 employees for its India operations.
Neo-banks are essentially software based companies that bundle a set of financial and banking services through a single platform. Essentially, neo-banks have emerged as an alternative consumer facing entity to traditional commercial banks. Over time, their aim is to pull large swaths of consumers to use an app for all their personal finance management. There are 15 neo-banking platforms in India, including Razorpay X, Niyo, Open, Juno, Kaleidofin, Fampay and epifi among others. Each of them cater to a specific customer segment and use-case
Revolut is one of two global neo-banks looking to launch in India. The company caters to both consumers and businesses, providing payments, budget management, stock trading, credit, cards, group payments and international transfer services all on one platform. It also supports crypto-currencies. According to the career page, Revolut is hiring in Bengaluru, Mumbai and has remote positions as well.
According to LinkedIn, Chatterjee worked at ICICI Bank and Kotak Mahindra Bank for 7 years in the cards division, before joining Airtel in 2010 to build its banking and payments partnerships for the next 4 years. Over the next three years, she worked at Flipkart as the Director of the Marketplace Division and at online travel company Via.com as its Chief Business Officer. Since October 2018, Chatterjee has been with non-bank lender LendingKart.
“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,” Chatterjee said in the statement.
Revolut was founded in 2015 by Nik Storonsky, a Credit Suisse trader, and Vladyslav Yatsenko, a software developer specialising in bank-tech. According to Sky News, the company is looking to raise fresh capital, which could value it between $10 to $15 billion. In July 2020, Revolut raised $580 million last year at a valuation of $5.5 billion, and has raised $900 million till date. Its lead investors include TCV, Ribbit Capital, DST Global, Lakestar, TSG Consumer, and GP Bullhound.
According to CNBC, Revolut will invest $25 million in India and aims to launch its app there by 2022.
“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,” Storonsky told CNBC. “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,” he said.
Last month, the company applied for a banking license in the United States to launch ‘Revolut Business’ across all 50 states. “We’re on a mission to build the world’s first global financial superapp, and pursuing a US banking license is an integral part of the journey,” Storonsky said at the time. Since 2018, the company has had a banking license in Europe. In financial year 2019, Revolut earned £162.7 million ($226.7 million) in revenues, up by 180% from the previous year. While the operating losses increased to £107.4 million ($149.6 million) in 2019 from £34.1 million ($47.5 million) in 2018.
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