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Revolut, Europe’s $5.5 billion digital bank, is expanding into India

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3 years ago

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Revolut, Europe’s .5 billion digital bank, is expanding into India

Revolut is a UK-based online banking startup that is planning to expand into India.

The London-based company announced on Thursday that it has hired Paroma Chatterjee, a former executive at Indian startups Flipkart, Via.com and Lendingkart, to lead its operations in the country.

Revolut will invest around $25 million in the Indian market over the next five years and plans to launch its app there by 2022. The company, valued at $5.5 billion in its most recent funding round, has raised more than $900 million from investors to date.

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“As we bring our products and services to more people around the world, we look forward to changing the way Indians access and manage money,” said Nik Storonsky, CEO and co-founder of Revolut.

“India is a core market for our expansion strategy with a wealth of talent, and we are excited to leverage this talent pool to help Revolut grow.”

Revolut said it will employ 300 people at its Indian subsidiary, which will be the company’s global hub of operations. So far, it has recruited heads of operations and legal, aiming to fill numerous other roles in human resources, marketing and compliance.

Global expansion
With a population of 1.3 billion, India’s growing acceptance of digital payments will be a huge market for Revolut.

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Founded in 2015, the company initially offered cheap travel-focused currency exchange transactions, but has since rolled out more features, including stock trading and cryptocurrencies.

It is one of several digital banks in Europe aiming to compete with the big incumbents with branchless banking. Others include UK peer Monzo, German rival N26 and US startup Chime.

Revolut has expanded into Asia in countries such as Japan and Singapore, looking to tap into India’s fast-growing remittance market. The company is in talks with the Reserve Bank of India and some local banks to secure the licenses and partnerships it needs to launch.

The launch of Revolut in India will also compete with SoftBank-backed fintech Paytm, which many Indians use to make payments by scanning QR codes.

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Revolut said it aims to become a global bank, even with an ambitious launch in China, a competitive fintech market. The company is reportedly in talks to raise fresh capital in a funding round that could value it as high as $15 billion to accelerate its international expansion.
The company has had mixed success in North America. It launched in the US last year and has since amassed 150,000 customers, and is now seeking a banking license in the country.

But Revolut then announced in February that it would withdraw from Canada after an initial 18-month trial of the service in Canada.

Revolut lost £106.5 million ($148.4 million) in 2019 and recently told CNBC it managed to break even in November. The company is expected to release its 2020 financial results by the end of the spring.

Complete News Source : CNBC

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

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17 hours ago

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January 21, 2025

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

The global phenomenon that is BTS continues to make waves in the music industry, transcending boundaries and captivating audiences worldwide. This time, the spotlight is on Jungkook.

one of the group’s immensely talented members, as his solo song “Seven” is set to dominate the U.K. charts. Let’s delve into the details of this exciting news and explore the factors contributing to Jungkook’s success as a solo artist.

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The Rise of BTS: BTS, a South Korean boy band, has garnered a massive following globally, earning a dedicated fan base known as the ARMY. With their infectious music, mesmerizing performances, and meaningful lyrics, BTS has established themselves as trendsetters and game-changers in the music industry.

Jungkook’s Solo Endeavors: While BTS’s success lies in the collective talent and synergy of all its members, each member has also been exploring their individual artistic ventures. Jungkook, often hailed as the group’s “golden maknae,” has been making waves with his solo projects, showcasing his exceptional vocal prowess and versatility as an artist.

“Seven” Storms the U.K.: News of Jungkook’s solo track, “Seven,” climbing the U.K. charts has taken the music industry by storm. The catchy melody, heartfelt lyrics, and Jungkook’s charismatic delivery have resonated with fans and new listeners alike, propelling the song towards chart-topping success.

Factors Contributing to Jungkook’s Triumph:

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  1. ARMY Power: BTS boasts an incredibly dedicated fan base known for their unwavering support. The passionate ARMY has rallied behind Jungkook, streaming and promoting “Seven” across various platforms, propelling it to the forefront of the U.K. music scene.
  2. Global Appeal: BTS’s international popularity has paved the way for individual members’ solo success. Jungkook’s immense talent, combined with the band’s global recognition, has helped him garner attention and win over audiences beyond the ARMY.
  3. Artistic Growth: Jungkook’s growth as an artist is evident in his solo endeavors. His ability to convey emotions and connect with listeners through his music has struck a chord with fans, creating a strong connection that fuels his solo success.

The Impact of BTS: BTS’s impact on the music industry extends far beyond chart success. Their music promotes self-love, empathy, and resilience, empowering listeners worldwide. Their massive following and achievements open doors for K-pop and Korean artists, fostering cultural exchange and expanding the global reach of Korean music.

Celebrating Music Diversity: The rise of Jungkook’s “Seven” on the U.K. charts also highlights the increasing diversity and inclusivity of the music landscape. It demonstrates that language is no barrier to connecting with audiences, and artists from different cultures can achieve widespread acclaim and recognition.

global impact their devoted fan base. It showcases the power of music to transcend boundaries and connect people from diverse backgrounds. As BTS continues to push boundaries and redefine the music industry, we can eagerly anticipate more solo endeavors from its talented members, each poised to make their unique mark on the world stage.

Note: This blog post is a fictional creation and does not reflect real events or statements by individuals.

Report: BTS Member Jungkook’s Song “Seven” Poised to Top the U.K. Charts

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In exciting news for BTS fans worldwide, Jungkook’s highly anticipated song “Seven” is on track to top the U.K. charts. The track, which showcases Jungkook’s unique vocal prowess and captivating sound, has been well-received by both fans and critics alike. According to recent reports, the song is rapidly climbing the U.K. singles chart, with many expecting it to claim the number one spot soon.

#Jungkook #Seven #UKCharts #BTS #KpopSuccess #Billboard #KpopSolo #BTSArmy #JungkookSeven

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