Revolut plans to onboard 20 million Indian users by 2030, says CEO Paroma Chatterjee

Fintech major Revolut, a key player in the UK’s financial ecosystem, is setting its sights on India with ambitious plans to onboard 20 million users on its app by 2030.

The company is preparing to launch an all-in-one payments platform tailored for the Indian market, aiming to combine domestic payments, international forex services, and a rewarding card experience under a single app.

Speaking to CNBC-TV18, Paroma Chatterjee, CEO of Revolut India, said, “In a market like India, we can easily become the highest contributor in terms of the number of customers. That is the vision for Revolut overall.”

She added that the app will include a PPI wallet, a domestic prepaid card with reward points redeemable for goodies, and an international multi-currency Forex card with affordable exchange rates. A kids’ variant with parental controls will also be available, creating a family suite of payments services within one platform.

The platform is currently live internally with Revolut employees, and the company is preparing to onboard users from a waitlist that already counts 3.5 lakh people. “It has been a very humbling experience. It is the largest ever waitlist Revolut has seen in any of the 40 markets where we launched,” Chatterjee said.

The app will feature multiple subscription tiers, including a free entry-level version, a premium subscription, and a metal subscription with benefits varying according to the plan chosen.

Chatterjee outlined the company’s growth targets for India. “We expect to convert at least 10% of the 200 million aspiring Indian middle-class young digital natives, which would lead to 20 million customers over the next five years,” she said. She added that these are all full KYC customers, not just app downloads, allowing Revolut to offer the full suite of financial services for which it holds licences. The company also aims to process over $7 billion in transactions from this user base.

While she did not reveal specifics on future products, Chatterjee said that Revolut’s long-term ambition in India mirrors its global strategy of offering as many financial services as possible on a single platform. She explained, “We’re starting with payments because unifying payments onto one app for the entire family is a space ripe for disruption, with this segment of customers growing and disposable income increasing.” The company plans to first establish itself as the most loved payments app and gradually expand into other financial services.

Revolut’s entry into India comes after the company took time post-COVID to assess global expansion beyond its home markets in the UK and Europe. India was identified as a logical next step given its rapidly growing digital financial ecosystem and large population of young, tech-savvy consumers.

Watch accompanying video for entire conversation.Read about our editorial guidelines and ethics policy