Revolut buys money transfer company Arvog Forex for an undisclosed amount

Revolut India, the India-registered entity of British fintech company Revolut, has announced the strategic acquisition of international money transfer firm Arvog Forex as part of its multi-million dollar investment in the country. Financial details of the deals were not disclosed.

Paroma Chatterjee, Head of Revolut India, in a recent interaction with Trade standard said the company would launch its services in the second half of this year and was also open to considering an acquisition in the Indian fintech segment as it considered a digital banking license.

The acquisition will strengthen Revolut’s base in India and accelerate its plans to offer its remittance service and foreign exchange services to Indian customers, building on the strengths of its core business globally. Arvog has a wide presence across India and provides services including cross-border remittances (sending money abroad) and other currency exchange services. Avrog operates nationwide with over 20 branches and served over 15 lakh people last year.

“This is the first step towards our aspiration to play a significant role in India’s digital financial revolution. Our major investment projects, this acquisition and the quality of the team that we are building demonstrate our desire to rapidly deploy these innovative products and services. India is a key region in our global expansion plan and this acquisition is a testament to the rapid progress we want to make here,” Chatterjee said of the acquisition.

Overall, Revolut, which is valued at $33 billion, has 18 million users. This acquisition also marks the company’s continued expansion which includes countries such as Australia, Singapore, the United States and Japan over the past two years.

Revolut empowers consumers and businesses around the world to digitally improve their financial health, giving them more control and data-driven insights that empower users to make smarter choices about how to spend, save or make their money grow. The company established a presence in India in April 2021.

Since its launch last year, the company plans to hire 300 people this year and plans to invest an initial sum of Rs 340 crore.

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