The British fintech has quietly activated its first Indian users — a beta that signals a full launch is close.
Revolut has started onboarding Indian users through a controlled beta, with a few thousand customers already on the platform. The company began taking signups earlier this year and is gradually activating users from a waitlist of around 450,000. A full public launch has not been dated, though the company had targeted Q2.
What users get
The beta app, on Android and iOS, offers UPI payments, e-money wallets, prepaid cards, multi-currency cards, virtual cards, and disposable cards. Revolut’s Lifestyle features and RevPoints rewards will follow before the broader rollout. Joint accounts won’t come to India — they require a banking licence the company doesn’t yet hold.
Five years in the making
Revolut has been building its India business since 2021. It hired Paroma Chatterjee to lead local operations, acquired Arvog Forex in 2022 to strengthen its regulatory position, and secured a prepaid payment instrument licence from the Reserve Bank of India — allowing it to issue cards, run digital wallets, and connect to UPI. For a foreign fintech, that is an unusually thorough setup before going live.
The market
UPI processed 23.2 billion transactions worth around $313.8 billion in May alone — nearly half of global real-time payments volume. Revolut has built its India product around UPI, not apart from it.
The company is targeting digitally native Indians aged 25 to 45, with goals of 20 million users and $7 billion in transactions by 2030. The app has already been downloaded 820,000 times in India, with over a third coming in 2025 and early 2026.
Why India
Revolut’s home markets are European. But its growth is increasingly coming from elsewhere — Brazil downloads jumped nearly 500% in 2025. India, with its scale and digital infrastructure, fits that expansion logic squarely.
Revolut is a British fintech headquartered in London, operating across more than 40 countries.
