UK-based fintechs Wise and Revolut are intensifying their efforts in India, with Wise establishing a hub in Hyderabad that is expected to employ hundreds, while Revolut has secured a license to issue prepaid cards and wallets in the country.
Money transfer giant Wise has been present in India since 2013, facilitating approximately 10% of all remittances sent from abroad. The new full-stack hub in Hyderabad is set to open later this year, with plans to host hundreds of employees over the coming years. The initial focus will be on building core regional teams in product, engineering, and servicing operations.
Smrithi Ravi, Wise’s head of engineering for the Asia-Pacific region, will be returning to India after six years in Singapore to lead the new hub. In addition, Wise is launching an international account designed to meet the unique needs of Indian businesses, allowing them to receive payments from abroad in various currencies, including USD, GBP, EUR, AUD, and SGD.
Ravi expressed enthusiasm about the venture, stating, “India’s tech talent ecosystem is world-class, and I’m excited to return home to lead Wise’s newest full-stack hub in Hyderabad. The teams in Hyderabad will play a crucial role in Wise’s global infrastructure and product development.”
On a separate note, Revolut has gained full authorization from the Reserve Bank of India to issue prepaid payment instruments that support UPI payments. Paroma Chatterjee, CEO of Revolut India, commented, “We are excited to build on our existing licenses and launch our domestic PPI product in India, alongside our international multi-currency card.”