Revolut Targets Indian Forex Market, Accuses Banks of “Criminal” Fees, Prioritizesโ High-Intent customers
MUMBAI, INDIA – Revolut, the global financial technology firm valued at $75 billion, isโฃ preparing to launch in India with a direct challenge to customary banks’ foreign exchange practices, which the company’s leadership โคdeems “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 Revolutโข executive, the company’s strategy centers โคon acquiring “high-intent customers” who demonstrate genuine interest in utilizing the platform. “Somebody would do that only if โthey’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 โคTechCrunch.
Revolut’s entry into the Indian market will prioritize depth โof engagement and profitability over sheer user acquisition,โข aโค departureโ from competitors who tout massive customer bases. Chatterjee โpointed to Revolut’s global success: despite having 65 โคmillion customers, the company processes over $4 billion in โtransactions and generates over โ$1 billion in โขprofit, driven by a monthly active user base exceeding 25 โmillion. “There are people who talk aboutโฃ having 300-400 millionโฃ customers,” she noted, contrasting Revolut’s focused โฃapproach.
theโข 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 โon completionโค of KYC โand Anti-Money Laundering (AML) checks. Allโ new users will be verifiedโฃ 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 paymentโข options. The company already employs approximately 3,500 people in India – โขitsโฃ largest global workforce, exceeding evenโข its UK base – many of whom contribute to product growth for international markets.
Though, Revolut will face competition from established fintech players already โฃoperating in India’s cross-border and remittance market, including Niyo, Scapia, Fi, and BookMyForex, and also the dominance of โtraditional banks in the foreign exchange sector.
