UK-based fintech startup Revolut is expanding its branches into the Indian market and has announced Paroma Chatterjee as the chief executive officer (CEO) according to the latest news updates. This expansion is said to be part of a larger global expansion plan that is to be carried out in the next 18 months.
The startup’s journey in India will be led by Paroma, a consumer tech and fintech industry expert. The field is largely dominated by key players like Google Pay, Paytm and Ponepe in the country. Paroma is a graduate of the Indian Institute of Management – Lucknow and holds over 15 years of experience in many homegrown startups of India like Flipkart and LendingKart. She is said to be in charge of the seller ecosystem at the e-commerce platform Flipkart. She has also played key roles in financial institutions like Kotak Mahindra Bank and ICICI Bank and Bharti Airtel, a telecom service provider. Recently as the chief business officer of LendingKart, Paroma’s focus was on making working capital finance available to entrepreneurs pan India. Previously, Paroma worked with Via.com, a travel company and led the company’s business across ten countries, managing over a hundred thousand agents.
Started in the year 2015, Revolut is backed by venture capital firms based out of Silicon Valley like TCV, DST Global, Ribbit Capital, Lakestar and GP Bullhound. For the expansion plans, the fintech has invested about $25 million in India and also aims to launch its application by the next year. In July 2020, $80 million funds were raised by Revolut from TSG Consumer Partners in Series D funding. The firm is valued at $5.5 billion being established in about 35 countries with 15 million customers.