Revolut buys money transfer company Arvog Forex for undisclosed sum

Revolut India, the Indian registered entity of UK-based fintech Revolut, announced the strategic acquisition of international money transfer company, Arvog Forex as part of its multi-million dollar investment into the country. The financial details of the deals were not disclosed.

Paroma Chatterjee, Revolut India head, in a recent interaction with Business Standard had stated that the company will launch its services in the second half of this year and was also open to looking at acquisition in the Indian fintech segment as it eyes for digital banking license.

The acquisition will strengthen Revolut’s foundation in India and accelerate its plans to offer its remittance service and forex services 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 cross-border remittances (sending money abroad) and other forex services. Avrog has presence across the country and has ove 20 branches and catered to over 15000 people last year.

“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. India is a key region in our global expansion plan and this acquisition is testament to the rapid strides we want to make here,” said Chatterjee on the acquisition.

Globally, Revolut that is valued at $33 billion, has 18 million users. This acquisition also marks the company’s continued expansion which includes countries like Australia, Singapore, the US and Japan in the past two years.

Revolut allows consumers and businesses around the world digitally to improve their financial health, by offering them more control, and data-driven insights that enable users to make smarter choices about how to spend, save or grow their money. 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 has plans to invest an initial sum of Rs 340 crore.