Revolut, one of Europe’s leading fintech companies, is set to launch its services in India by 2025, with a focus on targeting millions of top-tier consumers.
Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut is a global neobank that provides a range of digital financial services for both retail and business clients. Backed by prominent investors like SoftBank and Tiger Global Management, Revolut has secured significant funding to fuel its global expansion.
Since setting up operations in India in 2021, Revolut has received in-principle approval from the Reserve Bank of India (RBI) to issue prepaid cards and wallets. The company has been testing these products internally and is in the final stages of preparation for its official launch, Paroma Chatterjee, CEO of Revolut India told FT.
Revolut views India as a critical market for its global expansion, targeting the top 10-15 percent of Indian consumers, described by Chatterjee as “global India”—those who frequently travel, use international services like Netflix and Apple products, and maintain global connections.
The company’s move into India aligns with its broader strategy to diversify its revenue base, with over 90 percent of its 2023 sales coming from Europe. Revolut currently holds an EU banking license from Lithuania and has recently secured a UK banking license. In addition to its Indian expansion, Revolut is also extending its reach into West Asia and has applied for e-money and remittance licenses in the United Arab Emirates.
India’s fintech sector has seen rapid growth, but profitability remains a challenge due to the country’s low GDP per capita. However, after a strong financial year in 2023, with a pre-tax profit of £438 million, Revolut is committed to profitability and plans to launch domestic and multi-currency cards in India by 2025.
