Revolut acquires Indian money transfer company Arvog Forex

abdelaziz Fathi

Revolut has acquired India-based money transfer company Arvog Forex as the British fintech giant plans to launch its cross-border products for local users in second half of 2022. Financial terms of the deal were not shared.

Revolut

The deal, which went through Revolut’s Indian registered entity, is said to reinforce its foundation in India and build on the strengths of its core business around the world. London-based neobank is also open to peruse further acquisitions in the Indian fintech segment as it eyes for obtaining a digital banking license.

Arvog Forex has a wide presence across India, having provided over 15000 people last year with remittances and other forex services through more than 20 branches nationwide.

“Our significant investment plans, this acquisition and the quality of the team we are putting together reflect our intention to rapidly roll out these innovative products and services. India is a key region in our global expansion plan and this acquisition is testament to the rapid strides we want to make here,” said Paroma Chatterjee, chief executive officer of Revolut India in a statement.

The British-born startup plans to heavily invest in India over the next five years as it is confident the move would yield more business. Revolut has committed to create 300 new jobs across multiple functions including HR, finance, growth, marketing, recruitment, compliance, risk and technology.

Revolut plans to enter other Asian countries

The Indian subsidiary, which received $45.5 million from its parent entity, will also serve as an operations hub for Revolut’s global business. After India, the fintech firm plans to enter other Asian markets like Indonesia, Philippines, South Korea and China.

Revolut, which offers banking and trading services through an app, raised $800 million last year in a funding round that valued the firm at $33 billion. This valuation was a sixfold increase compared to nearly $5.5 billion the UK firm was worth in 2020.

Revolut has been among a number of app-only fintech companies that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers.

The new business roll-out comes as the market for Fintech firms offering alternatives to traditional banks has become fiercely competitive. Revolut is already going up against other established rivals, such as Stripe, which recently expanded its portfolio of partner banks that have signed on to offer co-branded banking services.

Read this next

blockdag

BlockDAG Dominates with New Dashboard Features and Enhanced Roadmap, Eclipsing Solana and Polygon Developments

Discover how BlockDAG’s cutting-edge dashboard and promising 30,000x ROI outshine developments in Solana and Polygon, positioning it as a leading investment.

blockdag

BlockDAG Dashboard Update, A Step Towards Transparency Fuels FOMO in Crypto Whales, Presale Garners $32.8M Amid Retik Finance Listing

Discover why investors are choosing BlockDAG after its dashboard update and $32.8M presale, surpassing Retik Finance listing on Bitrue.

blockdag

Discover 5 Altcoins to Skyrocket Your Wealth This Cycle 🚀

The bull run of 2024 ignites fresh excitement for anyone looking to increase their wealth.

blockdag

BlastUP Presale Hits $7M; Final Days to Buy $BLP

BlastUP, the premier launchpad on Blast, has confirmed its robust utility by successfully launching its first IDOs. As its presale nears completion, it continues to garner significant attention from crypto enthusiasts. The amount of funds raised so far is approaching 7 million, and BlastUP already boasts a large and passionate community of supporters.

blockdag

BlockDAG Network: The Mobile Mining Revolutionizing Crypto Mining

A Simple Guide on How to Mine BDAG and its Benefits.

blockdag

BlockDAG’s $600M Masterplan Shocks the World: Outperforms Retik Finance After Jaw-Dropping Piccadilly Circus Spectacle

Discover how BDAG dominates the global market as Retik Finance struggles at launch, showcasing a robust $600M growth plan and securing strong investor confidence.

Education

Top Business Ide­as for Success in 2024

Looking for the best busine­ss ideas to start in 2024? Our guide will help you find promising options. We­ cover sectors like digital, we­llness, and green innovations se­t for growth next year. 

Digital Assets

Coinbase seeks to dismiss SEC lawsuit citing new crypto laws

Crypto exchange Coinbase has renewed its efforts to appeal a judge’s ruling in its ongoing case with the U.S. Securities and Exchange Commission (SEC), citing recent legislative developments in Congress.

Digital Assets

Elon Musk mourns Kabosu, Dogecoin responds with price jump

Dogecoin (DOGE) price climbed on Friday after the passing of Kabosu, the Shiba Inu who inspired the meme cryptocurrency.

<