Revolut Targets Indian Forex Market, Accuses Banks of “Criminal” Fees, Prioritizes High-Intent customers
MUMBAI, INDIA – Revolut, the global financial technology firm valued at $75 billion, is preparing to launch in India with a direct challenge to customary banks’ foreign exchange practices, which the company’s leadership deems “criminal.” The fintech, which boasts over 65 million global customers across 39 countries, will initially focus on attracting users willing to undergo full Know Your Customer (KYC) verification, foregoing quicker onboarding for limited transactions.
According to Parul Chatterjee, a Revolut executive, the company’s strategy centers on acquiring “high-intent customers” who demonstrate genuine interest in utilizing the platform. “Somebody would do that only if they’re interested in using the product.So, this full KYC customer onboarded is going to be my customer metric,” she stated in an interview with TechCrunch.
Revolut’s entry into the Indian market will prioritize depth of engagement and profitability over sheer user acquisition, a departure from competitors who tout massive customer bases. Chatterjee pointed to Revolut’s global success: despite having 65 million customers, the company processes over $4 billion in transactions and generates over $1 billion in profit, driven by a monthly active user base exceeding 25 million. “There are people who talk about having 300-400 million customers,” she noted, contrasting Revolut’s focused approach.
the company has already invested $45 million in India to localize its tech stack and comply with the country’s data sovereignty regulations, with plans for further investment as operations scale. Revolut currently has a waitlist of over 350,000 potential users, slated for onboarding later this year, contingent on completion of KYC and Anti-Money Laundering (AML) checks. All new users will be verified against global sanctions lists maintained by organizations like the Office of Foreign Assets Control and the United nations.
Beyond challenging forex rates, Revolut is also exploring partnerships beyond Visa, including India’s RuPay network, to offer customers a wider range of payment options. The company already employs approximately 3,500 people in India – its largest global workforce, exceeding even its UK base – many of whom contribute to product growth for international markets.
Though, Revolut will face competition from established fintech players already operating in India’s cross-border and remittance market, including Niyo, Scapia, Fi, and BookMyForex, and also the dominance of traditional banks in the foreign exchange sector.
