The UK fintech giant is in talks to raise $1 billion as it targets US market and banking growth
Revolut set up in India in 2021 but did not receive in-principle approval from the country's central bank to issue prepaid cards and wallets until earlier this year, the newspaper reported
Europe’s largest neobank, which entered India in 2021 with plans to launch a financial super app, is now looking to offer a travel card in April.
The acquisition will help Revolut India acquire a forex license and began offering remittance and forex services to Indian customers.
Revolut, a London-based fintech company, will invest $45 million in India initially to offer everything from payments, lending and remittances to digital banking. It plans to hire 300 people in India by the end of 2022.
The company has made an initial investment of $45 million in India and is expected to go live with its products in the second half of 2022.
The launch by Revolut comes amid a broader surge in retail trading, which escalated last year when investors latched onto so-called "meme stocks" that included retailer GameStop and cinema group AMC Entertainment.