To kick-start its product strategy in India, Revolut India, the Indian registered entity of London-based fintech player Revolut, has acquired international money transfers company Arvog Forex.
While Revolut India did not disclose the purchase price, a source familiar with the transaction estimated it to be around $4.5 million.Revolut will work with the Mumbai-based forex firm to obtain a forex licence and begin offering remittance and forex services to Indian customers.
The company entered the Indian market in April 2021 to make most of the deepening of digital financial services in the country and plans to compete with the likes of banks to new-age fintechs.
Chatterjee said of the acquisition, “This is the first step toward our goal of becoming a major player in India’s digital financial revolution. Our significant investment plans, this acquisition, and the calibre of the team we’re assembling all point to our desire to quickly launch these cutting-edge products and services.”
Revolut eventually plans to offer its full suite of services and operate as a full-fledged digital bank in India. The company has committed an initial investment of just over $45 million (roughly Rs 340 crore) in the Indian market and plans to hire up to 300 people by the end of the year.
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