Revolut Targets India’s Fintech Market with Strategic Launch

New updates have been reported about Revolut (PC:RVOLU)

Revolut is making a significant entry into the Indian fintech market, focusing on cross-border payments, which it identifies as a largely underserved sector. The British fintech estimates that Indians spend approximately $30 billion overseas annually, incurring around $600 million in bank charges. To address this, Revolut has been preparing for its India launch since 2021, acquiring Arvog Forex in 2022 to secure a remittance and multi-currency account license. Additionally, it obtained a prepaid payment instrument license from the Reserve Bank of India, enabling it to issue prepaid cards and integrate with the Unified Payments Interface (UPI). These regulatory approvals position Revolut to challenge traditional banks and existing fintech players in India, aiming to attract over 150 million digitally native Indians aged 25 to 45, with a target of onboarding 20 million users by 2030 and processing $7 billion in transactions.

Revolut plans to offer a comprehensive suite of services, including a prepaid wallet with UPI support, domestic and international Visa cards, and accounts for kids and teens linked to parents’ profiles. The company emphasizes a full-KYC onboarding process, aiming to attract high-intent customers willing to undergo detailed verification. Revolut’s India CEO, Paroma Chatterjee, highlights that the fintech’s success will be measured by user engagement and profitability rather than sheer user numbers. With a waitlist of over 350,000 people, Revolut is set to onboard these users by the end of the year, contingent on completing KYC and AML checks. The company has already invested $45 million to localize its tech stack for India’s data regulations and plans further investments as operations commence. Despite the competitive landscape, with players like Niyo and BookMyForex, Revolut is confident in its differentiated customer experience and strategic approach.