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Mumbai: UK-based Revolut, one of Europe’s leading fintech companies, is preparing to launch its services in India by 2025, targeting tens of millions of affluent consumers, according to a report by The Financial Times.
Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut Group Holdings Ltd operates as a global neobank, offering digital-only financial services for individuals and businesses.
The London-headquartered company began its India operations in 2021 and received in-principle approval from the Reserve Bank of India earlier this year to issue prepaid cards and wallets.
Revolut has been internally testing these products and is nearing final readiness, according to Paroma Chatterjee, CEO of Revolut India.
India represents a key market for Revolut’s global growth strategy, with the company aiming to reach the top 10-15% of Indian consumers. Chatterjee refers to this segment as the “global India,” which includes individuals who travel frequently, use international services like Netflix and Apple products, and maintain global connections.
As part of its broader expansion, Revolut is looking to reduce its reliance on Europe, which accounted for over 90% of its revenue in 2023.
The company, which holds an EU banking license from Lithuania and recently obtained a UK banking license, is also expanding into West Asia alongside its plans for India.
Additionally, Revolut has applied for e-money and remittance licenses in the United Arab Emirates.
India’s rapidly growing fintech sector, backed by initiatives like India Stack that support digital payments, presents significant opportunities.
However, challenges remain in terms of profitability, given India’s relatively low GDP per capita.
Revolut plans to prioritize profitability over rapid scale in the highly competitive Indian market.
Following a successful financial year in 2023, during which Revolut reported a pre-tax profit of £438 million, the company is now focused on securing full authorization from the Reserve Bank of India (RBI) next year.
As part of its expansion plans, Revolut intends to introduce domestic and multi-currency cards, in addition to launching its app for Indian consumers.
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