British fintech company Revolut, which is now entering the Indian market, believes that cross-border payments are still one of the most neglected financial services in India. According to their calculations, Indians spend nearly $30 billion abroad each year and incur about $600 million in fees charged by banks—costs that the company’s India head describes as “criminal.”
“Banks have always controlled this space,” said Paroma Chatterjee, CEO of Revolut India, in an interview with TechCrunch. “When you need foreign currency, you go to your bank, or you get a travel card from your bank before traveling internationally… and the fees imposed for these services have been enormous.”
Revolut has been preparing for its India debut since 2021, seeking to address shortcomings in the country’s foreign exchange and payment systems. The London-based fintech acquired Arvog Forex in 2022 to secure a license, enabling it to provide remittance and multi-currency account services in India. Earlier this year, in April, it also obtained a prepaid payment instrument (PPI) license from the Reserve Bank of India, which allows it to issue prepaid cards, offer digital wallet services, and connect with the government’s Unified Payments Interface (UPI).
With these regulatory green lights, Revolut intends to take on both established banks and other fintech firms in India. The company is focusing on more than 150 million “globally minded, digitally savvy” Indians aged 25 to 45, aiming to attract around 20 million users by 2030 and handle at least $7 billion in transactions for them.
Chatterjee explained that these regulatory approvals, including the PPI license, enable Revolut to provide a unique experience compared to competitors that depend on partnerships with banks. “We’re able to deliver the customer experience we envision,” she said.
Revolut’s offerings for Indian users will include a prepaid wallet with UPI integration and its own UPI handles, a domestic Visa card, and an international multi-currency Visa card. The company also plans to launch accounts for children and teenagers linked to their parents, a subscription service, and budgeting and analytics tools to help users understand their spending patterns.
Importantly, the company has received regulatory approval to facilitate both domestic and international payments and transfers via its platform. It is also authorized to process same-day remittances from India through a local banking partner.
Unlike many Indian fintechs that use basic KYC checks to quickly sign up users for limited, low-value transactions, Revolut will only offer wallets with full KYC verification. The company will also screen new users against international sanctions lists, such as those from the Office of Foreign Assets Control and the United Nations. According to Chatterjee, this strategy is designed to attract “high-intent customers” who are willing to complete a comprehensive onboarding process, including Aadhaar and video verification.
“Only those genuinely interested in using the product will go through this process. So, the number of fully KYC-completed customers will be my key metric,” she explained.
“In India, simply listing your app on the App Store can generate downloads out of curiosity,” she said. “But that’s not how we measure success.”
The company also plans to gauge its performance in India by looking at user engagement and profitability, rather than just the number of users.
“Some companies claim to have 300–400 million users,” Chatterjee told TechCrunch. “Revolut, operating in 39 countries, has 65 million users and a valuation of $75 billion. That’s because those 65 million users generate over $4 billion in transactions and more than a billion dollars in profit. In any given month, more than 25 million of those users are active.”
She was referencing Revolut’s new valuation, announced last month after a secondary share sale, which increased from $45 billion the previous summer.
Chatterjee also mentioned that Revolut already has a waitlist of over 350,000 people in India, who it plans to onboard by the end of the year before opening the app to additional users. The actual launch date will depend on how quickly the waitlist is processed and users complete their KYC and anti–money laundering checks.
The company is also considering partnerships beyond Visa, such as with India’s RuPay network, to give customers more options as it expands its offerings.
Revolut has already invested $45 million in India to launch its business and adapt its technology infrastructure to comply with local data regulations. Chatterjee stated that further investments are planned as operations ramp up.
Of Revolut’s 10,000 employees worldwide, about 3,500 are based in India, making it the company’s largest workforce globally—even surpassing its home base in the UK. Some of these employees also contribute to products and features used in other countries.
Despite Revolut’s ambitious plans, it will face competition upon entry. While banks still dominate the foreign exchange sector in India, fintech companies like Niyo, Scapia, Fi, and BookMyForex are already active in the cross-border payments and remittance space.
