India launch at heart of UK fintech Revolut’s 100mn customer base target

London, Sep 25 (PTI) Revolut is fully geared for its India launch in the coming months as part of a global vision to hit 100 million customers worldwide, the UK-based financial technology major said at the opening of its headquarters in London this week.

Paroma Chatterjee, CEO of Revolut India, told PTI that the fintech’s hyper-localisation model which uses a bespoke tech stack will cater to the unique banking needs of Indian consumers.

She highlighted that India is the only country where Revolut has undertaken a massive investment effort to localise all the tech assets, working closely with the Reserve Bank of India (RBI) to have the requisite regulatory permissions in place for both domestic and international payments and transfers on the same platform.

“What Revolut will offer is a unique one-stop-shop to change the way people in India money,” said Chatterjee, on the sidelines of the new HQ launch in London on Tuesday.

“We already have 350,000 people on the India wait list without any big announcements, which is huge… It will be the first app on which you can do both forex and domestic (transactions). It'll be the first company that gives a prepaid card loaded with benefits, which can go to tens of millions of users beyond the credit card population,” she said.

With its foreign exchange (forex) related and domestic UPI licences in place earlier this year, the company counts India as its largest talent hub with over 35,000 employees following an initial upfront investment of USD 45 million.

At the London HQ launch, the company announced that it had surpassed 65 million customers worldwide and set a firm timeline for a goal of hitting 100 million customers by mid-2027.

This will be powered by its entry into more than 30 new markets, including India, by 2030.

“While President Trump announced late last week that it will make it harder to bring talent to the US, we want to make it easier to bring talent to the UK,” UK Chancellor Rachel Reeves, who was present at the event, said.

“We are expanding our global talent and high potential individual visa routes, and we're moving quickly to make those easier to access and more supportive of firms ambitions to bring talent here," said the minister, referencing the H1-B visa route clampdown in the US. PTI AK MR MR