UK challenger bank Revolut has signed up Paroma Chatterjee as its CEO in India to lead its $25m entry into this market.

Chatterjee, a former executive for Indian start-ups Flipkart, and Lendingkart, will implement the business strategy in India, hiring a team, as well as managing licence applications and any potential acquisitions in the market.

Revolut said it will invest about $25m into the Indian market over the next five years and aims to launch its app there by 2022.

Around 300 employees will be hired at its India subsidiary, which will serve as a global operations hub for the firm, having so far already recruited heads of operations and legal for the country.

Revolut CEO and co-founder Nik Storonsky said: "We're looking forward to transforming the way people in India access and manage their money as we bring our products and services to more people around the world."

"India is a core market in our expansion strategy with a huge supply of talent, and we're excited to tap into that talent pool to help Revolut go from strength to strength."

Revolut, which has already expanded into Asia in countries like Japan and Singapore, is hoping to tap into India's fast-growing remittances market. The company is in talks with the Reserve Bank of India and a number of local banks to secure the licenses and partnerships required make the launch happen.

An India launch would also see Revolut compete with SoftBank-backed fintech Paytm, which is used by many Indians to make payments.

Revolut says its aim is to become a global bank, including ambitions to launch in China.

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