Revolut Acquires India’s Arvog Forex as Expansion Plans Accelerate

British fintech giant Revolut announced on Friday that its subsidiary arm in India has acquired Arvog Forex, a local money transfers firm, to jump-start its product strategy in the nation. Although Revolut India did not disclose the transaction details, reports show that the acquisition was worth about $4.5 million.

The Mumbai forex company will help Revolut to secure a forex license and start providing forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and remittance services to Indian clients.

In April last year, Revolut made its entry into the Indian market to take advantage of the growing digital financial services in the region and to compete with other neo banks in offering cutting edge services

Paroma Chatterjee, CEO of Revolut India, talked about the acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term and said: “This is the first step towards our aspiration to be a significant part of the digital financial revolution in India. 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."

The CEO stated the firm expects to offer its products in the market by the second half of 2022. The company will begin providing cross-border remittances and then move to trading, investments, and lending services, Chatterjee mentioned.

In the future, Revolut India plans to serve as a full-fledged digital bank in the country. The firm has allocated an initial investment of over $45 million for the market and plans to hire 300 talents by the end of the year. The firm has already begun developing a product and engineering hub in India. The hub will serve the firm's markets around India, mainly in South East Asia. The company is developing a super app for the Indian market to offer all financial services under one roof. Currently, there is a waitlist of 30,000 Indians wanting to join the app.

Alternative Delivery Channels for Financial Inclusion

The entry into the Indian market is part of Revolut’s strategy to expand its services in overseas markets. Last month, Revolut expanded its offerings in the US by enabling commission-free stock trading services for its US customer base. Last month also, the digital bank obtained approval from the Monetary Authority of Singapore (MAS) to provide commodities trading to its customers in Singapore.

In December last year, Revolut expanded its banking services to 10 more European countries in order to provide deposit protection of up to €100,000 to customers. The newly added countries were Sweden, Spain, Netherlands, Luxembourg, Lichtenstein, Iceland, Germany, Finland, Denmark, and Belgium.

In December 2021, the neo bank also expanded its presence in continental Europe by launching banking services in three more countries, France, Italy, and Portugal.