British financial technology revolution – which has now been launched in India – it says the cross -border payments remain one of the most financial services that suffer from a lack of services in India. According to her estimates, the Indians spend about $ 30 billion abroad every year and lose about 600 million dollars in banking fees – the fees that its president in India describes as “criminal”.
“It was a monopoly on banks,” Baroma Chatge, CEO of Revolut India told Techcrunch. “You go to the bank you are dealing with to take the currency, or foreign exchange from the bank you are dealing with, or take the travel card issued by the bank that you deal with when you travel abroad … and there were huge fees imposed on this.”
Since 2021, Revolution has been launching in India, with the aim of bridging what it considers gaps in foreign exchange and traditional payments in the country. London -based financial technology It acquired Arvog Forex In 2022 for a license and provision of transfers and multi -currency accounts in India. And in April this year as well I got a PPI license. From the Indian Reserve Bank, which allows it to issue pre -payment cards, support digital portfolios, and to integrate with the interface of the government supported by the government (UPI).
Through these organizational approvals, Revolution aims to challenge traditional banks in India and compete with current players in the field of financial technology. The emerging British company targets more than 150 million Indian “global aspirations and digital citizens” between the ages of 25 and 45, with plans to receive about 20 million users by 2030 and process at least $ 7 billion in their transactions.
Chattji said that such organizational approvals – including a PPI license – allows financial technology to provide a more diverse experience than players who depend on banking partnerships. “We can provide the type of customer experience that we want to provide,” she said.
Revolution will offer Indian consumers a paid portfolio with UPI support and UPI handles, as well as a local Visa card and a multi -currency IDE VISA card. You will also provide accounts for children and adolescents associated with parental definition files, a partner -based model, budget tools and analyzes that provide an insight into spending habits.
It is worth noting that the startup has regulatory permissions to enable local and international payments and transfers through its platform. It also has a license to enable financial transfers on the same day from India through a local bank partner.
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Unlike many Indian financial technology companies that use the minimum verification of your customer’s knowledge (KYC) to quickly join users to make limited and low -value transactions, only Revolution will provide full KYC portfolios. Financial technology will also verify new users according to global sanctions lists, including those held by the foreign asset monitoring office and the United Nations. This approach aims to attract “high -minded clients” who want to complete a more detailed rehabilitation process, including Aadhaar and video verification.
She noted that “someone will not do it unless he is interested in using the product. Therefore, this is the full customer who has been inserted in the Kyc Customer I know my customer is my customer scale.”
She said: “In a country like India, once your name is inserted into the application store, absolute curiosity leads you to downloads.” “This is not a measure of success.”
Financial technology also aims to measure its success in India through the depth of the participation of users and profitability, not only to increase its user base.
“There are people talking about the presence of between 300 to 400 million customers,” Chatge told Techcrunch. “Revolution owns globally in 39 countries 65 million customers, and its value is 75 billion dollars. The reason is that among these 65 million customers, Revolution processes transactions of a value of more than $ 4 billion and achieves profits of more than one billion dollars. This is because among these 65 million customers per month, there are more than 25 million active customers.”
It refers to the new evaluation Revolution Announced Against the sale of secondary shares, which raised it from $ 45 billion last summer.
She also said that Revolution has already has a waiting list of more than 350,000 people in India, and plans to join it later this year before opening the application for new users. However, the accurate launch schedule will depend on the speed of the company’s parking list, customer completion of KYC checks and a combination of money laundering (AML).
The startup also explores other partners other than VISA, including the Indian government RUPAY, as it intensifies the product to provide customers by choosing networks.
Her It has already pumped $ 45 million In India to start its operations and localize its entire technical group to comply with the country’s database regulations. Chatge said that she is planning to invest more with the start of her operations.
Among the 10,000 Revolution employees worldwide, there are about 3,500 employees already in India – its largest workforce in the world, and even larger than its local market in the United Kingdom. Some of these employees also work on the products and features available in the markets outside India.
But despite the importance of Revolution plans, they will still face competition as soon as they arrive. While banks in India dominate foreign exchange, financial technology companies such as NIYO, SCAPIA, Fi and BookmyForex are already active in the cross -border transfers in India.
