Revolut's Indian Expansion Plans
Revolut, the UK‑based fintech giant, has signalled its intention to move beyond payments in India and eventually offer a full banking suite. CEO Paroma Chatterjee said the company is “building a roadmap” for banking services, though no timelines were disclosed.
Existing Licences Enable Immediate Offerings
The firm already holds a prepaid payments instrument (PPI) licence, authorised by the RBI in April 2025, allowing digital wallets, prepaid cards and vouchers. It also possesses an Authorised Dealer Category‑2 (AD‑II) licence, which permits cross‑border remittances and multi‑currency forex cards.
Upcoming Cross‑Border Remittance Product
Under the AD‑II licence, Revolut plans to launch a remittance service that will provide inter‑bank‑like rates across at least 30 currency pairs. Transfers are expected to settle the same day, and in some corridors in under an hour—significantly faster than the 4‑5 day window of many traditional rails.
Phased Roll‑out of Other Products
Revolut is taking a staged approach to introducing prepaid cards, multi‑currency wallets and UPI integration. The company has more than half a million users on its wait‑list, with around 50 000 already cleared for onboarding.
Global Expansion Context
Revolut’s Indian push follows recent milestones: a UK banking licence (Mar 2026), full banking services in Mexico, an Australian banking licence, and conditional US licence approval. The firm also aims to secure a banking licence in South Africa.
Investment Backing and Valuation
Backed by SoftBank Vision Fund, NVentures, NVIDIA’s venture arm and Greenoak Capital, Revolut was valued at $75 billion as of November 2025.
Why It Matters
Revolut’s entry into Indian banking could heighten competition, broaden consumer choice and accelerate digital‑first financial services, especially in the high‑cost remittance market.
What to Watch
- Launch date and pricing of the cross‑border remittance product. - Progress on obtaining a full Indian banking licence. - Further product roll‑outs (prepaid cards, UPI) and onboarding of the wait‑list. - Regulatory responses and any partnership shifts, given Revolut’s stance on staying independent.