UK fintech Revolut has said it is gearing up for a 2025 launch in India following significant milestones in the country since in-principle authorisation from the Reserve Bank of India (RBI). The fintech multinational, which claims over 45 million customers worldwide operating in 38 countries, most recently launched in Singapore, Australia and Brazil.
The London-headquartered company said: “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. 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 (RBI) 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.
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“Revolut has also spent this time localising its best-in-class technology platform specially for India, in order to ensure full compliance with India'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.”
According to official data, the Revolut group revenues hit $2.2 billion in 2023, up from $1.1 billion in 2022 – an increase of 95 per cent. 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.
As of June 2024, Revolut claims 45 million customers globally, representing an increase of 7 million in the first six months of the year. It added 12 million new customers globally last year, totalling 38 million in 2023.
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Earlier this year, Paroma Chatterjee, then newly appointed CEO India at Revolut, said: "I couldn't be more excited to join Revolut and become a part of this phenomenal growth journey.“It is an honour and a privilege to be asked to lead the business for such a world-class company, in a country that presents one of the largest opportunities globally for Revolut. I look forward to building an exceptionally talented team and working with them, as we continue to develop superlative financial solutions for millions of consumers in India. We will build the bank of the future."
(With ANI Inputs)
*Info: Revolut