Revolut acquires Indian forex business as it advances multi-million dollar India expansion plan
Corporate · 11 February 2022
- Revolut acquires Forex License holder Arvog Forex Private Limited
- Acquisition marks Revolut’s continued expansion strategy which has included launches in Singapore, Australia, the US and Japan in the past two years
Mumbai - Revolut, global financial superapp with more than 18 million customers, today announced the acquisition of Arvog Forex as part of its multi-million dollar investment into India.
As an initial step in its journey in India, Revolut has made a strategic acquisition of international money transfers and currency exchange company Arvog Forex Private Limited. The acquisition will strengthen Revolut’s foundation in India and accelerate its plans to offer a best-in-class remittance service and multi-currency accounts to Indian customers, building on the strengths of its core business around the world.
Arvog has a wide presence across India and provides services including currency exchange, cross-border remittances (sending money abroad) and multi-currency cards. Arvog served over 15,000 customers last year, a number that is expected to grow significantly following its acquisition by Revolut India.
Revolut empowers consumers and businesses around the world to improve their financial wellbeing, by offering them more control, and data-driven insights that enable users to make informed choices about how to spend, save or grow their money. Revolut established a presence in India in April 2021, following successful launches in Singapore and Australia in 2019; and the US and Japan in 2020.
Revolut India is led by Paroma Chatterjee, who has close to two decades of experience of leading and scaling up high growth late stage fintech companies. Under her leadership the company plans to launch bespoke financial products, many of which would be new to the country, reflecting the unique needs of Indian consumers.
Paroma Chatterjee, CEO Revolut India said:
“This is the first step towards our aspiration to usher in a digital financial revolution in India. We are on the path to building best-in-class financial solutions that are unique to the needs of the citizens here and are designed to help them gain more out of their money. Our significant investment plans, this acquisition and the quality of the team we are putting together reflect our intention to rapidly roll out these innovative products and services. India is a key region in our global expansion plan and this acquisition is testament to the rapid strides we want to make here. It is an incredible time to be a fintech company in India and we plan to make the best of this opportunity.”
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