Revolut launches services for thousands of users in India

British fintech Revolut has quietly started rolling out its services in India through a controlled beta program, a key step in its long-awaited push into one of the world’s most dynamic digital payments markets. The company began accepting signups for its India-focused app earlier this year, and over the past few weeks, some users on the waitlist have received access, according to sources familiar with the matter. Revolut confirmed the development, noting that a few thousand customers in the country are already using the platform.

This rollout represents a major milestone in Revolut’s multiyear effort to enter India, where the government-backed Unified Payments Interface (UPI) has reshaped how money moves. UPI now accounts for nearly half of all global real-time payment transactions. In May alone, the system processed a record 23.2 billion transactions worth approximately ₹29.9 trillion, or roughly $313.8 billion, according to Indian government data.

A Revolut spokesperson told TechCrunch that the company is currently engaged in a “controlled onboarding of waitlisters.” A beta version of the app, tailored for Indian users, is available on both the Google Play Store and Apple’s App Store. The spokesperson explained that this phased approach is designed to “gather feedback on core product functioning and enhance the overall customer experience and the value proposition before opening up the platform for a larger audience.”

For now, the rollout is limited to a small fraction of Revolut’s roughly 450,000 waitlisted users in India. Those in the beta program can access UPI payments, e-money wallets, domestic prepaid cards, multi-currency cards, virtual cards, and disposable cards. Revolut plans to introduce its Lifestyle and RevPoints offerings before expanding access further. However, family or joint accounts, which are available in some overseas markets, will not be offered in India because such products require a banking license, the company noted.

Revolut has been building its India operations since 2021, hiring fintech veteran Paroma Chatterjee to lead local efforts. In 2022, the London-based company acquired Arvog Forex to strengthen its regulatory foothold and enable remittance and multi-currency account services. It later obtained a prepaid payment instrument (PPI) license from the Reserve Bank of India, allowing it to issue prepaid cards, support digital wallets, and integrate with UPI.

The company told TechCrunch it plans to open the app for direct onboarding of all users in the “near future” but declined to provide a specific launch date. Chatterjee had previously indicated in a LinkedIn post that Revolut was targeting a full product launch in India during the second quarter.

Revolut is aiming its services at India’s growing population of digitally savvy consumers, seeking to challenge incumbent banks and fintech players in a fiercely competitive market. The company has stated it wants to serve over 150 million “globally aspiring, digitally native” Indians aged 25 to 45. Its long-term goals include onboarding around 20 million users by 2030 and processing at least $7 billion in transactions.

Interest in Revolut has been building ahead of its broader launch. According to Sensor Tower estimates shared with TechCrunch, the Revolut app has been downloaded nearly 820,000 times in India since it became available in app stores. More than a third of those downloads occurred in 2025 and early 2026.

While Revolut’s largest markets by app downloads remain in Europe, led by France, the UK, Spain, Italy, and Germany, the company is increasingly looking to emerging markets for growth. Sensor Tower data shows that downloads in Thailand and Vietnam grew 40% and 52%, respectively, in 2025, while downloads in Brazil surged 487% year over year to 1.8 million. These trends underscore the importance of markets like India to Revolut’s long-term expansion strategy.