The UK-based financial technology major Revolut is gearing up for its launch in India next year following “significant milestones” in the country since in-principle authorisation from the Reserve Bank of India earlier this year.
The fintech firm, which claims over 45 million customers worldwide, operates in 38 countries – having most recently launched in Singapore, Australia and Brazil. In a statement this week, the London-headquartered company confirmed plans for India to be the next big market in its sights.
"Revolut has achieved significant milestones in India, in its journey to democratise access to all digital financial services on a single app, for local consumers," it said.
"Following the successful obtaining of a Category-II Authorised Money Exchange Dealer (AD II) license in 2022 and in-principle authorisation from the Reserve Bank of India to issue Prepaid Payment Instruments (PPI) in early-2024, the company is uniquely poised to offer a blend of both international and domestic payment solutions on a single platform,” it states.
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The fintech firm says it has spent its time in India so far also localising its 'best-in-class technology platform' specially for India, in order to ensure full compliance with the country's data sovereignty norms.
“We are gearing up for an India launch in the next year, and are excited to bring our globally acclaimed app to India, tailored to the unique needs of the Indian market and consumer," the statement added.
According to official company data, the Revolut group revenues hit $2.2 billion in 2023, up from $1.1 billion in 2022 – an increase of 95%.
Launched in the UK in 2015, Revolut – across its personal and business accounts – says its banking services are designed to provide more control over finances and connect people 'seamlessly' across the world.
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