Revolut expands into India with ambitious growth plans, ready to invest over $670 million in this prospective market over five years.
Revolut, a UK-based digital finance firm, is launching its payment platform in India, marking its first entry into one of the world’s largest digital payments markets.
For Indian consumers, the fintech firm will provide a range of comprehensive financial services, including a prepaid wallet with UPI integration, domestic and international Visa cards, and accounts for children and teenagers linked to their parents’ accounts. The platform will also implement full KYC procedures to ensure regulatory compliance, and support same-day remittances as well as multi-currency account management.
Revolut will initially serve 350,000 waitlisted users in India, enabling both domestic and international payments through partnerships with the Unified Payments Interface (UPI) and Visa. The company aims to acquire 20 million Indian users by 2030 and process over $7 billion in transactions.
To comply with India’s data sovereignty regulations, Revolut has invested over £40 million in localizing its technology, making India the only market where the company has made such an investment. This move underscores Revolut’s commitment to adhering to local laws and building trust with Indian consumers.
Moreover, Revolut plans to invest $670 million in India over the next five years to expand its local operations, develop new payment and forex products, and secure additional regulatory licences. The ample financing will also support technology and talent growth, laying the groundwork for future offerings in credit and investment services.
The Indian market presents a significant opportunity for Revolut, given the country’s large, digitally native population and the increasing demand for efficient financial services. By offering competitive solutions, Revolut aims to challenge traditional banks and existing fintech players in India.
Revolut has been preparing to enter the Indian market since 2021, targeting improvements in the country’s payments and foreign exchange infrastructure. In 2022, the London-based fintech strengthened its position by acquiring Arvog Forex, which provided the regulatory approval to offer remittance services and multi-currency accounts. More recently, Revolut secured a Prepaid Payment Instrument (PPI) license from the Reserve Bank of India, enabling the company to launch prepaid cards, operate digital wallets, and connect with India’s Unified Payments Interface (UPI) system.
This expansion is part of Revolut’s broader global strategy, which includes exploring acquisitions and launching new financial products in various markets. The company’s entry into India reflects its ambition to become a leading player in the global fintech landscape.
