London, UK-based fintech major Revolut is gearing up to launch in India next year following “significant milestones” in the country since the Reserve Bank of India (RBI) authorized in-principle a early this year.
The fintech company, which has more than 45 million customers worldwide, operates in 38 countries and most recently launched in Singapore, Australia and Brazil. In a statement this week, the London-based company confirmed its plans for India to be the next big market in its sights.
"Revolut has achieved important milestones in India, in its journey to democratize access to all digital financial services in a single app, for local consumers," read a statement from Revolut.
“Following the successful obtaining of a Category II Authorized Foreign Exchange Dealer (AD II) license in 2022 and the in-principle clearance by the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) in early 2024, the company is uniquely positioned to offer a combination of domestic and international payment solutions on a single platform,” he says.
The fintech company says it has so far dedicated its time in India to localizing its "best-in-class technology platform" especially for India, to ensure full compliance with the country's data sovereignty regulations.
"We are gearing up for a launch in India 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, Revolut group revenue reached $2.2 billion in 2023, up from $1.1 billion in 2022, an increase of 95 percent. Launched in the UK in 2015, Revolut (across its personal and business accounts) says its banking services are designed to give more control over finances and connect people “seamlessly” around the world.
The fintech company, which has more than 45 million customers worldwide, operates in 38 countries and most recently launched in Singapore, Australia and Brazil. In a statement this week, the London-based company confirmed its plans for India to be the next big market in its sights.
"Revolut has achieved important milestones in India, in its journey to democratize access to all digital financial services in a single app, for local consumers," read a statement from Revolut.
“Following the successful obtaining of a Category II Authorized Foreign Exchange Dealer (AD II) license in 2022 and the in-principle clearance by the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) in early 2024, the company is uniquely positioned to offer a combination of domestic and international payment solutions on a single platform,” he says.
The fintech company says it has so far dedicated its time in India to localizing its "best-in-class technology platform" especially for India, to ensure full compliance with the country's data sovereignty regulations.
"We are gearing up for a launch in India 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, Revolut group revenue reached $2.2 billion in 2023, up from $1.1 billion in 2022, an increase of 95 percent. Launched in the UK in 2015, Revolut (across its personal and business accounts) says its banking services are designed to give more control over finances and connect people “seamlessly” around the world.
