British fintech company Revolut has officially launched in India, setting its sights on transforming one of the country’s most underserved financial services, cross-border payments. The company estimates that Indians spend about $30 billion abroad each year and lose around $600 million in bank fees.
“It has been the preserve of banks,” said Paroma Chatterjee, Revolut India CEO. “There have been humongous charges levied on travelers, it’s criminal.”
After acquiring Arvog Forex in 2022 and securing a prepaid payment instrument (PPI) license from the Reserve Bank of India, Revolut is now positioned to offer remittance, multi-currency accounts, digital wallets, and UPI integration. The company plans to onboard 20 million users by 2030 and process up to $7 billion in transactions.
Revolut’s offerings will include UPI-supported prepaid wallets, domestic and international Visa cards, and accounts for kids and teens linked to parents’ profiles. Fintech will also introduce budgeting tools, subscription models, and same-day international remittances.
Unlike many Indian fintechs that rely on minimal KYC verification, Revolut will onboard only full-KYC customers, targeting what it calls “high-intent” users. “Downloads don’t define success for us,” Chatterjee said. “Depth of engagement and profitability do.”
Revolut has already invested $45 million to localize its operations in compliance with India’s data regulations. Of its 10,000 employees globally, around 3,500 are based in India, its largest workforce worldwide.
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Despite its ambitious plans, Revolut will face stiff competition from existing players like Niyo, Scapia, Fi, and BookMyForex, which already serve India’s cross-border and remittance markets.
