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

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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.

“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.

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“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.

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.

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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.

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.

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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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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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