This fintech giant is poised to launch its services in India by 2025
The company is looking to diversify its revenue base through this expansion move.
India’s fintech scene has been exploding in recent years with a fintech adoption rate of 87%, substantially higher than the world average of 64%.
The country's fintech market, worth around $110 billion in 2024, is expected to reach $200 billion in revenue by 2030, with $1 trillion in assets under management (AUM), per data from Ernst & Young.
Poised to grab a slice of this huge market, UK-based fintech giant, Revolut is reportedly planning to finally bring its digital banking services to India by 2025, according to the Financial Times, having received in-principle approval from the country’s central bank to issue prepaid cards and wallets this year, despite setting up there in 2021.
Although India boasts dozens of fintech unicorns including digital payment services such as PhonePe, Paytm, PayU, and Razorpay, with a few of them supporting credit and debit cards, Revolut offers a wide range of financial services, including international money transfer, stocks, commodity, and crypto trading, loans, mortgages, as well as debit and credit card services.
Emmanuel Oyedeji
The company, which saw more than 90 per cent of its 2023 sales coming from Europe – where it currently holds an EU banking license from Lithuania and recently secured a UK banking licence – is looking to diversify its revenue base through this expansion move.
For Indians or Indian residents, especially those who are digital-savvy, Revolut’s global approach to finance fits like a glove. Whether you’re sending money abroad, receiving payments in a different currency, or traveling often, Revolut's ability to provide low-cost or even free international money transfers could be a game-changer.
Revolut also has another advantage: its one-finance-app-to-rule-them-all solution, which offers everything from budgeting to savings to spending to trading to transfers.
To succeed amidst the competition, even from traditional banks, as well as the regulatory hurdles and compliance challenges expected, Revolut will need to carve out its niche by focusing on what it does best: international transactions and multi-currency features.
And its all-in-one solution could bring a fresh perspective to how Indians handle their finances.
