Drocolut aims to confront Indian banks and their “criminal” fees

British Fintech revolution -It is now launch in India-it says that the cross-border payments remain one of the most financial services that suffer from a lack of services in India. Through its estimate, the Indians spend about 30 billion dollars abroad every year and lose about 600 million dollars of banking fees – the fees that its head invites in India is “criminal”.

“It was the preservation of banks,” Paraoma Chatge, CEO of Revolut India, told Techcrunch. “You go to the bank you are dealing with to take the currency or foreign work from the bank you are dealing with, or you are taking a travel card issued by the bank you are dealing with when you travel abroad … There were severe fees that were imposed on this.”

Since 2021, Revolution has been launching in India, with the aim of filling what gaps in foreign workplaces in the country and traditional payment. Fintech London Related ARVOG Forex In 2022 for a license and provision of conversion account and currency accounts in India. In April this year, too He got a paid payment tool license (PPI) From the Indian Reserve Bank, allowing it to issue prepaid cards, support digital portfolios and integrate with the interface of the government -backed US -backed payments (UPI).

Through these regulatory approvals, Drovolut aims to challenge traditional banks in India and compete with the current Fintech players. The British startup targets more than 150 million Indians “aspiring globally, indigenous” between the ages of 25 and 45, with plans to photograph about 20 million users by 2030 and process at least $ 7 billion in their transactions.

Chatterje said that such organizational approvals – including a PPI license – allow Fintech to provide a more distinct experience than players who depend on banking partnerships. “We can provide a kind of customer experience that we want to provide,” she said.

The Indian consumers will provide a paid portfolio with the support of UPI and its brand UPI handles, along with a local visa card and a multi -currency international 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 insight into spending habits.

It is worth noting that the startup company has regulatory permissions to enable local and international payments and transfers through its platform. It also has an authorization to enable transfers on the same day from India through a local bank partner.

Unlike many Indian Fintech players who use your minimal examination (KYC) for users quickly on board users for low -value transactions, Drocolut will provide only KYC portfolio. Fintech will also be achieved from new users for global sanctions lists, including those held by the Foreign Asset Monitoring Office and the United Nations. Chatgegi said this approach aims to attract “high -ranking agents” who want to complete a more detailed process on board, including Aadhaar and verify the video.

She noted that “someone will only do it if he is interested in using the product. So, this will be a full Kyc customer on the plane is my customer scale.”

She said: “In a country like India, as soon as you include yourself in the application store, extreme curiosity pays downloads.” “This is not the scale of our success.”

Fintech also aims to measure its success in India through the depth of the user’s participation and profitability and not just increase the base of users.

“There are people talking about the presence of 300 to 400 million customers,” Chatge told Techcrunch. “The revolution has the world in 39 countries 65 million customers, and its value is 75 billion dollars. The reason is that among these 65 million customers, the revolution processes more than $ 4 billion of transactions in any month, more than 25 million active customers.”

It refers to the new evaluation revolution Announced Against the background of the sale of high school stocks, reinforced this from $ 45 billion last summer.

She said that Revolut has already a waiting list of more than 350,000 people in India, she said, and she was planning it later this year before opening the application for new users. However, the exact operation schedule depends on the speed of the company’s parking list and customers to complete KYC checks and combat money laundering (AML).

The start starting also explores partners unlike Visa, including Indian government RUPAY, where it intensifies the product to provide customers with the selection of networks.

insurgency Actually planting $ 45 million In India to start its operations and localize the entire technology group to comply with the country’s database regulations. Chattji said he is planning to invest more because it begins its operations.

Of the 10,000 Resolution employees worldwide, there are already about 3,500 of its employees in India – the largest workforce in the world, and the largest of them in the local market in the United Kingdom, and some of these employees work on the products and features available in the markets outside India.

But despite the importance of revolution plans, it will continue to confront the competition as soon as it arrives. While banks dominate foreign currencies in India, Fintech players such as NIYO, SCAPIA, Fi and Bookmyforex are already active in the border market and transfers in India.