UK-based fintech firm Revolut has acquired India-based international money transfers company Arvog Forex through its Indian registered entity, Revolut India, reported Business Standard.
Financial terms of the deal were not shared.
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Arvog Forex offers cross-border remittances and other forex services with more than 20 branches across India.
The deal is expected to fortify Revolut’s foundation in the country and accelerate the launch of its cross-border remittance product.
Revolut India head Paroma Chatterjee told the publication in an earlier interview that the firm is planning to rollout the offering in second half of the year.
Commenting on the deal, Chatterjee told the publication: “This is the first step towards our aspiration to be a significant part of the digital financial revolution in India.
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By GlobalData“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.”
In April last year, the firm revealed plans to hire 300 employees for its India unit and make a multi-million pound investment over the next five years in the country.
Recently, Revolut India received $45.5m from its parent entity in its first tranche of investments.
Meanwhile, the latest deal follows Revolut’s expansion efforts in countries such as Singapore, the US, Australia, and Japan in recent years. The company acquired ePOS software provider Nobly POS to ramp up its offering for the restaurant and hospitality sectors.
