In a momentous decision indicative of shifting global market priorities, UK-based fintech company, Revolut, recently announced plans to base nearly 40% of its workforce in India. This move is seen as part of the innovative firm’s drive towards more strategic growth and expansion in global markets, particularly in regions with substantial economic potential.
Founded in 2015 in the United Kingdom with the aim of “building a fair and frictionless platform to use and manage money around the world,” Revolut has fast-become a significant player in digital banking. With a presence in 35 nations, including the U.S. and Australia, the firm has over 15 million user-accounts serving individuals, businesses and freelancers with differentiated banking solutions.
Revolut’s decision to base a significant fragment of its workforce in India emerges in a context where international tech companies are increasingly recognizing the nation’s vast economic, technical, and innovative potential.
“The decision to base nearly 40% of our workforce in India is grounded in a strategic perspective on global market expansion,” commented Nikolay Storonsky, Revolut founder and CEO. “India’s vibrant fintech ecosystem, burgeoning tech-savvy population, and its reputation as an IT and innovation powerhouse offers enormous potential.”
The move signifies a significant expansion into India which is expected to foster synergies between geographical markets and within Revolut itself, combining the best of home-grown talent and expertise with ones located overseas.
The UK-fintech aims to establish an operational hub in India and hire roughly 300 people in the country, primarily in roles like technology, data science, operations, finance, marketing, and human resources. These additional roles are expected to bolster company operations and swing open new market avenues in the nation.
Revolut, in line with its ambitious outreach plans, has also appointed Paroma Chatterjee, a veteran in the Indian fintech industry, as its CEO in India. Chatterjee has previously worked with well-established firms such as Lendingkart, Via.com, Flipkart, and Airtel Money.
“India is a core market in our expansion strategy with a huge supply of talent, and we are excited to tap into this talent pool to help Revolut go from strength to strength,” Chatterjee commented.
This move follows a pattern of international tech companies placing strategic importance on Indian soil. Tech giants like Google and Facebook have recently invested billions in India, highlighting the country’s escalating prominence in the global digital landscape.
Revolut’s workforce decision reflects a growing trend among digital and tech companies. India’s large pool of technical expertise, its growing economy, increasingly digital lifestyle, and an encouraging regulatory landscape make it an attractive destination for such companies.
However, like any ambitious endeavor, there are challenges to weather. According to industry insiders, the firm’s principal obstacle is existing Indian fintech companies like Paytm, PhonePe, Google Pay, and others that have a significant market hold.
Still, India’s vast unbanked population presents an untapped potential for digital and fintech expansion. Enhanced by supportive government policies promoting digitization and financial inclusion, the market conditions seem ripe for a British fintech giant’s foray.
Revolut’s strategic decision resonates with the current digital transformation India is undergoing, accelerated by the COVID-19 pandemic and supported by government initiatives. Driving digital banking solutions can help improve financial inclusion and push India closer to its ambition of becoming a $5 trillion economy.
This move is being keenly watched by industry observers who hypothesize that Revolut’s success could potentially encourage more international fintech companies to explore opportunities within India.
While doubling down on its expansion strategy in India, Revolut also aims to extend its services to more middle-income and burgeoning economies, challenged with unmet banking needs, thereby living its mission- ‘to build a world beyond banking.’
Original Source: https://www.personneltoday.com/hr/revolut-to-base-40-of-workforce-in-india/
