London-based payments disruptor Revolut, which is among the most valuable financial technology groups in Europe, is preparing to launch its services in India.
Speaking to the Financial Times, Paroma Chatterjee, chief executive of the bank’s Indian arm, said: “We’re actually very, very close, we’re literally down to single-digit bugs right now in the system.”
India, which has a rapidly growing middle class and overtook China as the world’s most populous country in 2023 is “a critical expansion market” for Revolut, said Chatterjee.
Revolut is in a period of mass expansion, having won a UK banking licence in July following a nine-year wait.
It was recently valued at $45 billion (£34 billion) in a staff share sale and is a hot contender for a blockbuster initial public offering on the London Stock Exchange.
“There will be a significant number of competitors in the market, all with a significant amount of funding,” Chatterjee told FT. “We will have to earn our right to win this market.”