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British fintech firm Revolut is laying the groundwork for an expansion into India

The London-based company announced Thursday that it had tapped Paroma Chatterjee, a former executive for Indian start-ups Flipkart, Via.com and LendingKart, to lead its operations in the country. Revolut will invest about $25 million into the Indian market and aims to launch its app there by 2022 and the company, worth $5.5 billion in its most recent funding round, has raised more than $900 million from investors to date. With a population of 1.3 billion people and growing acceptance of digital payments, India would be a huge market for Revolut. Revolut, which has already expanded into Asia in countries like Japan and Singapore, is hoping to tap into India’s fast-growing remittances market.  Revolut, which lost £106.5 million in 2019, recently told CNBC that it had managed to break even in November. The firm is expected to release its 2020 financial results before the end of spring.

Source: CNBC

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