Revolut readies for India launch in 2025

Revolut, Europe's leading fintech company, plans to launch its services in India in 2025, targeting the country's top-tier consumers. After setting up in India in 2021 and finally receiving approval from the Reserve Bank of India to issue prepaid cards and wallets earlier this year, Revolut has been rigorously testing these products among its 4,000+ local staff. The London-based company aims to expand its revenue streams beyond Europe, which accounted for over 90% of its sales in 2023.

CEO Paroma Chatterjee views India as a critical expansion market. Despite challenges in unit economics due to India's low GDP per capita, Revolut focuses on the top 10-15% of the population who are global consumers. The fintech has also applied for e-money and remittance licenses in the UAE as part of its broader Middle East expansion strategy.

Since joining Revolut three years ago, Chatterjee has led efforts to secure regulatory approvals and ensure compliance with India’s stringent data localization norms. The company, which reported a pre-tax profit of £438 million last year, is now aiming for profitability rather than rapid scaling in the Indian market. Revolut's strategic moves, including securing a UK banking license and a $45 billion valuation with investment from Abu Dhabi’s Mubadala, underscore its commitment to becoming a global financial powerhouse.

Source: THE FINANCIAL TIMES