UK neobank targets 2 Cr users by 2030 as it builds India into a key global growth and capability hub
Major Investment to Fuel India Operations
UK-based neobank Revolut has announced a major commitment to India, pledging an investment of INR 5,900 Cr (approximately £500 Mn or $660 Mn) over the next five years.
- A significant portion of this capital will be directed toward strengthening its Global Capability Centre (GCC) in India.
- The investment underlines Revolut’s focus on India as a core growth market in its global expansion strategy.
Product Launch Around the Corner
Revolut, which entered India in 2021, received a Prepaid Payment Instrument (PPI) licence from the Reserve Bank of India (RBI) only in March 2025.
- It plans to launch its services soon, starting with a multi-currency prepaid card on the Visa network for international travellers.
- The launch aims to serve the 3.5 Lakh+ users currently on the waitlist, with public onboarding expected later this year.
Ambitious User Growth Target
Revolut is aiming high—setting a goal to onboard 2 Cr Indian customers by 2030.
- This aligns with India’s rapidly growing fintech ecosystem, projected to become a $2.1 Tn market by 2030.
- The company plans to build a robust, localized product suite, including:
- UPI-integrated prepaid wallets
- Kids & Teens accounts
- Travel insurance
- Money management tools
- International payment solutions
India-UK Fintech Synergy on Display
The investment announcement came during the Global Fintech Fest (GFF) 2025, which coincided with UK Prime Minister Keir Starmer’s visit to India.
- PM Narendra Modi and Starmer attended the India-UK CEO Forum, where financial cooperation took centre stage.
- PM Modi launched a UK-India fintech corridor, aiming to boost ties between GIFT City and the London Stock Exchange.
- The initiative aims to create pathways for startup pilots, financial innovation, and cross-border collaboration.
Revolut’s India CEO Outlines Local Vision
Revolut India CEO Paroma Chatterjee highlighted the firm’s mission to “change the way we money” for Indian users.
- She emphasized the trusted experience with Visa and seamless UPI integration as key differentiators.
- The upcoming app will offer a comprehensive digital banking experience, tailored for Indian consumers and families.
A Strategic Bet on India’s Fintech Future
India’s fintech sector is seeing unprecedented momentum, with over $27 Bn in funding, 22 unicorns, and 33 soonicorns.
- Revolut sees India as both a market and innovation centre, leveraging local talent to support global operations.
- The GCC in India will also play a pivotal role in product development and scaling international services.
Global Roots, Local Focus
Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut has grown into a fintech super app, offering:
- Digital banking
- Crypto trading
- Travel bookings
- Insurance and card payments
Operating in over 160 countries, Revolut is now looking to make India a flagship market in Asia.
