Neobank Revolut To Invest INR 5,900 Cr In India Over 5 Years

UK-based neobank Revolut plans to invest £500 Mn (INR 5,900 Cr or $660 Mn) over the course of next five years to bolster its India operations.

Speaking on the sidelines of the Global Fintech Fest 2025 yesterday, Revolut’s group chief banking officer Siddhartha Jajodia said that a chunk of the capital will also be utilised to shore up the company’s global capability centre (GCC) in the country.

, “… We see a lot of potential in the India market and are  looking to spend £500 Mn towards our India business and our GCC in the country over the next 5 years.”  Jajodia said. 

He made the comments while participating in the India-UK CEO Forum at the event, which was attended by Prime Minister Narendra Modi and his UK counterpart Keir Starmer.

In a separate statement, Revolut said that it will roll out its first product suite “soon”. Elaborating on this, the company said that its first offering will be a multi-currency prepaid card, which will be issued on the Visa network, for international travellers in India. 

Terming India as a key growth market for Revolut, the company also said that it plans to onboard 2 Cr customers in the country by 2030. While the fintech platform is yet to open up its offerings to the general public, it claims to start onboarding its 3.5 Lakh “waitlisting” customers later this year.

“… Our partnership with Visa allows us to deliver a trusted and seamless global acceptance experience to our users, along with an integrated UPI experience, from day one. This is the first step in our long-term mission to empower Indians to change the way we money,” said Revolut India CEO Paroma Chatterjee.

The India-UK Bonhomie

The announcement came as Starmer landed in India yesterday for a two-day visit. On the first leg of his trip, he met PM Modi and participated in the GFF 2025 in Mumbai. 

During the event, PM Modi announced the launch of a new fintech corridor to strengthen financial and digital cooperation between the two nations. He also said that the initiative will promote greater collaboration between the Gujarat International Finance Tec-City (GIFT City) and London Stock Exchange.

“Today, we are committed to building stronger links between startups, institutions, and innovation hubs. The UK-India Fintech Corridor will create opportunities for new startups to pilot and scale. It could also open up new avenues for cooperation between the London Stock Exchange and GIFT City,” said PM Modi. 

During his address, PM Modi also underlined India’s leadership in digital innovation and described the country’s digital infrastructure as a ‘ray of hope’ for the Global South. 

Revolut’s India Pitch 

Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut started as a forex payments platform, but later morphed into a fintech super app that offers digital banking services, crypto trading, travel bookings, card payments and insurance. It claims to have a presence in 160 countries and claims to have garnered a healthy chunk of the European market.

While it entered India in 2021, it received the prepaid payment instrument (PPI) licence from the Reserve Bank Of India (RBI) only in March this year. Four years later, the company is now gearing up to launch its offerings in the country. 

In a statement, the company said that its upcoming app will feature prepaid wallets with UPI, prepaid cards, dedicated ‘kids and teens’ accounts linked to the parent’s account, travel insurance, international payments, money management, among others. 

Speaking with Inc42 earlier this year, Chatterjee has said that Revolut would launch its offerings by October but there appears no clarity on an official timeline. 

At the heart of Revolut’s India expansion plans is the country’s burgeoning fintech space, which has attracted more than $27 Bn+ in funding so far and boasts 22 unicorns and 33 soonicorns. As per Inc42 data, the homegrown fintech ecosystem is projected to become a $2.1 Tn opportunity by 2030.