According to a report in The Financial Times, UK-based fintech giant Revolut will go live in India next year targeting the country’s highest paying consumers. Revolut is one of the most valuable European fintech companies. “We are looking at the global India, said a person familiar with the development, as referring to the top 10-15% of India’s consumers who prefer traveling abroad and maintaining relationships, looking for international services. 

Revolut is one among the global neobanks founded way back in 2015 by Nikolay Storonsky and Vlad Yatsenko. Revolut offers digital banking to both retail and business customers. The company started operations in 2021, and it recently received in-principle approval from the Reserve Bank of India for issuing prepaid cards and wallets this year. We have almost entered the final stages of our pre-launch preparations, says Paroma Chatterjee, CEO. We have tested our products internally. 

India is one of the most important markets for the expansion of Revolut in its view, as it is also one of the most crucial future markets to diversify the revenue stream beyond Europe. Similarly, the fintech is reaching out to the West Asia region, as it applied for e-money and remittance licenses in the United Arab Emirates. 

Though this is correct, in real terms, the government is supporting the growth of India’s fintech with infrastructures such as India Stack. Still, very little of this growth has reached profitability because India’s GDP per capita is so comparably low. Unlike many of its competitors, Revolut is focused on sustainable profitability rather than aggressive scaling. 

While 2023 was pretty profitable for Revolut, having accounted for £438 million in pre-tax profits, the company is committed to achieving a full RBI regulatory approval by the end of next year and also promises to launch domestic and multi-currency cards along with its app. 

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