Global Neobank Revolut The company is preparing to enter the Indian market next year and targeting affluent consumers in what is expected to be a major step in its global growth strategy, according to a report by the Institute of Indian Economics. Financial Times.
Recently, Abu Dhabi’s sovereign wealth fund, Mubadala, Invested The investment in Revolut comes as part of a deal that values the company at $45 billion.
The London-based fintech company started its operations in India in 2021 but only recently received provisional approval from the Reserve Bank of India to issue prepaid cards and digital wallets.
Since then, Revolut has been testing these services internally with its more than 4,000 employees across the country.
The company is currently preparing to launch the app along with domestic and multi-currency cards by 2025.
Revolut India CEO Paroma Chatterjee stressed that the platform is almost ready to launch, with only a few technical hurdles to be ironed out.
She reiterated that India is a key market in Revolut’s broader international strategy.
India’s burgeoning fintech sector, supported by government initiatives such as India Stack, is creating opportunities for companies like Revolut.
However, profitability challenges remain as India’s per capita income is relatively low.
As a result, Revolut’s strategy is to focus on the top 10-15% of India’s population of 1.4 billion people, a group made up of individuals who frequently purchase international services and products, which Chatterjee calls “global India.”
Chatterjee, who has been with Revolut for three years, has made it a priority to secure regulatory approvals and ensure compliance with India’s data localization rules.
The company is expected to submit its audit report to the Reserve Bank of India next month for final approval.
Once fully authorised, Revolut will focus more on profitability rather than rapid growth, marking a shift from its previous growth-at-all-costs approach.
Revolut, which holds an EU banking license and recently received a UK banking license, is keen to reduce its reliance on Europe, even though more than 90% of its 2023 revenue will be generated there.
The fintech company is looking to diversify its revenue streams by expanding into markets such as India, the US and the Middle East, and has also applied for an e-money and remittance license in the United Arab Emirates.
Revolut is Reported The company, which expects pre-tax profits of ₹ 438 million in 2023, is gearing up to face tough competition in the highly dynamic Indian fintech market.
