Revolut plans “multi-million-pound” Indian expansion under new CEO Paroma Chatterjee

Nikolay Storonsky just announced a huge expansion for Revolut into India, which the CEO and founder called a “core market” for the fintech going forward.

The news is joined by a commitment to create 300 new jobs in India as part of a “multi-million-pound” investment in the country over the next five years, and with the appointment of Paroma Chatterjee as the fintech’s India CEO.

Chatterjee is well-known among India’s tech sector as the former chief business officer of Lendingkart and Via.com.

“It is an honour and a privilege to be asked to lead the business for such a world-class company, in a country that presents one of the largest opportunities globally for Revolut,” the exec said on her appointment.

“I look forward to building an exceptionally talented team and working with them, as we continue to develop superlative financial solutions for millions of consumers in India.”

India is fast becoming one of UK fintech’s most attractive destinations, with a vast tech-savvy population and a wealth of small businesses.

Plus given India’s wide use of English and the fact that many European fintechs already outsource their tech talent there, it’s not a huge leap.

In January Tide announced its own rollout into the market, with CEO Oliver Prill pointing to its “vast SME population, and the entrepreneurial spirit,” as reasons why India would be the fintech’s first international destination.

For Revolut’s part, the company says it’s already recruited heads of operations and legal, and is not moving on to establish HR, finance, growth, marketing, recruitment, compliance, risk and technology teams.

India will also serve as an operations hub for Revolut’s global business, clearly taking advantage of the timezone and local talent.

“India is a core market in our expansion strategy with a huge supply of talent, and we’re excited to tap into that talent pool to help Revolut go from strength to strength,” said Storonsky.

India joins Singapore, Australia, the US and Japan as Revolut’s key international markets beyond Europe.