Revolut, one of the largest fintech company in Europe, plans to enter the Indian fintech space. This was revealed by Nikolay Storonsky, co-founder of Revolut, in an exclusive interview with Business Insider, that the company will look to invest $20-25 million in the India fintech space.
Founded by Nikolay Storonsky and Vlad Yatsenko in 2015, Revolut is headquartered in London and has an estimated net worth of $5.5 billion. The company has experienced growths in the number of users and also revenue since its inception. For example, the numbers of users increased from 0.1 million in 2015 to 15 million in 2021. Also, revenue increased from 2.3 million in 2015 to 160 million in 2019.
The company offers various services ranging from money exchange and transfers, stock and cryptocurrency trading, wealth management, loans, peer-to-peer payments, to mention a few.
The figures behind India's fintech space are very encouraging, which is attracting fintech companies like Revolut to India's fintech space. According to financial magnates, India remained the top fintech destination in Asia after the country attracted nearly $647 million investment across 33 fintech deals during the quarter, ending 30 June 2020. This figure is quite interesting when you consider the last 4.5 years. According to RBSA Advisors' report, this figure in the previous 4.5 years crossed $10 billion.
Revolut looks to begin operation by the end of 2021, and as revealed by Storonsky, the company will gain access to India's fintech sector by either a license or acquisition. In the words of Storonsky, "we are still investigating all possibilities, but most likely will go through the organic route by applying for our licenses."
Breaking into India's fintech sector won't be an easy task for Revolut, given fintech companies like Paytm, Razorpay, PhonePe. However, only time will tell if Revolut can disrupt India's Fintech setup.
India in Focus
Population: 1.3 billion
GDP: $2.59 trillion
GDP Per Capita: $1,846