BENGALURU: Revolut, a UK-based digital financial institution valued at $5.5 billion final yr, plans to introduce on the spot worldwide cash switch to and from India for gratis as its flagship providing right here, Nik Storonsky, co-founder and CEO of Revolut, advised TOI. Revolut is in talks with RBI, native banks and fin-tech startups for the launch, as a part of which it plans to supply border-less accounts to Indians which can be utilized throughout the US, Europe and Australia.
Storonsky stated he want to begin this yr as India is probably a giant market. The launch would rely on RBI giving the go-ahead, and its potential partnerships with native banks. The corporate was planning to be in India final yr however the virus outbreak compelled it to vary these plans.
“We are going to initially deal with remittances as it’s our strongest product. As quickly as we get first rate traction, we are going to supply different merchandise, like insurance coverage,” Storonsky stated. “With border-less accounts, you’ll be able to have native accounts in virtually any nation. For instance, if you end up an Indian and go to the US, you gained’t want to make use of a neighborhood US checking account,” he stated.
Much like its world apply, it might ultimately roll out ‘freemium’ plans, the place one must pay a charge for sure companies past a restrict. Revolut, which has the backing of world traders like DST World, plans to rent about 300 individuals right here to handle operations, together with some world operations. Additionally it is within the course of of choosing an India CEO. At the moment, it has a staff of seven in India.
Revolut’s India foray is a part of a world growth. Additionally it is seeking to enter international locations like Indonesia, Philippines, and South Korea.
Began as a digital financial institution targeted on millennials within the UK, Revolut is now transitioning itself as a monetary superapp, which permits cash switch, investing in shares, cryptocurrencies and different companies.
