British Fintech Rotate -Now starting with India-it says that cross-border payments remain one of India’s most unwanted financial services. In its estimation, Indians spend about $ 30 billion abroad each year and lose about $ 600 million in banking categories – India’s head is calling “criminal”.
“It was the maintenance of the banks,” said Paroma Chatterjee, CEO of Revolut India at TechCrunch. “Go to your bank to get the currency, foreign foreign exchange from your bank or get a travel card issued by your bank when traveling abroad … There have been documented categories imposed on it.”
Since 2021, Revolut has been working on the launch of India, with the aim of filling what it sees as gaps in foreign foreign currency and traditional payment spaces. The Fintech led by London acquired arvog forex In 2022 to obtain a license and offer of multiple currency services and services in India. April of this year, too obtained a Prepaid Payment License (PPI) From the Bank of India, allowing it to issue prepaid cards, support digital wallets and integrate with the consolidated government -backed payment interface (UPI).
With these regulatory approvals, Revolut aims to challenge traditional banks in India and compete with existing Fintech players. The British start is targeting more than 150 million “worldwide aspiring, digital local” Indians between 25 and 45 years, with plans to board about 20 million users by 2030 and processing at least $ 7 billion in their transactions.
Chatterjee said such regulatory approvals – including the PPI license – allows Fintech to provide a more differentiated experience than bank -based players. “We can deliver the kind of customer experience we want to deliver,” he said.
Revolut will provide Indian consumers a prepaid wallet with UPI support and its own branded UPI handles, along with an internal Visa card and an international Visa Multi-Churnence card. It will also introduce dedicated accounts of children and adolescents linked to parents’ profiles, a model based on subscriptions and budget and analysis tools that provide information on expenditure habits.
Specifically, starting has regulatory rights to allow both domestic and international payments and transport through its platform. It is also authorized to allow India’s remittances through a local partner of the bank.
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Unlike many Indian Fintech players who use minimum know-your-bras (KYC) controls on low-value limited transactions, Revolut will only offer full KYC wallets. Fintech will also verify new users against global sanctions, including those maintained by the Foreign Property and United Nations Audit Office. This approach, Chatterjee said, aims to attract “high quality customers” that are willing to complete a more detailed boarding process, including Aadhaar and video verification.
“Someone will only do it if he is interested in using the product. So this full KYC customer that has boarded will be my client’s measurement,” he noted.
“In a country like India, once you list yourself in the App Store, pure curiosity leads to shooting,” he said. “This is not the measurement of our success.”
Fintech also aims to measure its success in India from the depth of users ‘involvement and profitability and not just increase its users’ base.
“There are people talking about 300-400 million customers,” Chatterjee told TechCrunch. “Revolut worldwide in 39 countries has 65 million customers and is estimated at $ 75 billion. The reason is that of these 65 million customers, Revolut is processing more than $ 4 billion worth $ 4 billion and producing more than $ 4 billion.
Refers to the new valuation overturning announced last month At the back of a secondary stock of shares, it raised it from $ 45 billion last summer.
Revolut already has a waiting list of more than 350,000 people in India, he also said, which he plans to board later this year before opening new users. The exact launch schedule, however, will depend on how quickly the company cleans the waiting directory and customers to complete the KYC and anti -regulation checks (AML).
Starting also explores partners other than Visa, including Rupia of the Indian government, as it increases the product to provide customers with a choice of networks.
Revolut has already injected $ 45 million In India to begin its activities and identify the entire stack of technology to comply with the country’s data sovereignty regulations. He plans to invest more as he begins his activities, Chatterjee said.
Of the 10,000 Revolut employees worldwide, about 3,500 are already based on India – its largest workforce in the world, even greater than on the United Kingdom’s domestic market, some of these workers also work for the products and features available in the markets outside India.
But as important as Revolut’s plans are, it will still face competition as soon as it arrives. While foreign foreign exchange is dominated by banks in India, Fintech players such as Niyo, Scapia, Fi and Bookmyforex are already active in the India cross -border market.
