UK-based fintechs Wise and Revolut are both doubling down in India, with the former building a hub in Hyderabad that will employ hundreds of new and the latter securing a license to issue prepaid cards and wallets in the country.
Money transfer giant Wise has been in India since 2013 and now powers about 10% of all the funds sent from abroad to the country.
Opening later this year, the new full stack hub in Hyderabad will host hundreds of employees over the next few years, starting with core regional teams in product, engineering and servicing operations roles.
Following six years in Singapore, Wise’s Apac head of engineering, Smrithi Ravi, will relocate back to India to lead the hub.
Meanwhile, the firm is rolling out an international account with features tailored specifically to the needs of Indian businesses 一 who can now use Wise to get international account details to receive payments from abroad in multiple currencies including USD, GBP, EUR, AUD, SGD.
Says Ravi: "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."
Separately, Revolut has received full authorisation from the Reserve Bank Of India to issue prepaid payment instruments with UPI payments.
“We are excited to build on our existing licenses, and launch our domestic PPI product in India, alongside our international multi-currency card,” says Paroma Chatterjee, CEO, Revolut India.