The Ledger
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Chatterjee: Revolut refuses to partner with banks for core product deployment
“For core product deployment, Revolue does not look at partnerships. What I meant is a lot of Fintechs you will see getting into partnerships with banks or others to have a quicker go to market. You would see we've been patient over the last two, three years. I…”
Chatterjee: Revolut aims to reach 100M users and 100 countries by 2030
“To want to serve a hundred million users meaningfully across the world. To be present in a hundred countries before 2030 years out.”
Chatterjee: Many global fintechs entering India over 25 years have failed
“So a lot of global fintechs have tried over the last 25 years to dabble their feet in, but for whatever reason a lot of them have not necessarily survived in a meaningful way over time”
Chatterjee: Revolut is valued at $72B, topping Barclays and NatWest
“We're valued at seventy two billion dollars, the second highest valued fintech, higher valued than a lot of banks, UK based banks, like your Barclays, NatWest, et cetera, where Revolut is today valued higher than that, the second highest valued fintech globall…”
Chatterjee: No Indian fintech holds direct licenses while being digital-first
“If you think about it, there is nobody else who has thought of it completely tech or digital first, has taken their own licenses and then interpreted the license in their own way.”
Chatterjee: Three shifts will define global finance within five years
“So I think if you ask me, top three will be those hyper personalization, completely embedded Everyday finance and tokenization leading to fractional ownerships of assets, I think would be the three most defining changes that we'll witness in the next four, fiv…”
Chatterjee: Indians will choose digital over traditional banks by 2030
“Indians, I think Indians will go for digital banks as opposed to traditional banks.”
Chatterjee: Financial services sees resurgence of niche players instead of consolidation
“That there's going to be consolidation in the financial services industry. I see a lot of specialized niche players, the resurgence of that in the last two years. So that stands corrected.”
Chatterjee: Scaling requires sequentially winning consumer love, trust, then confidence
“To me, inflection points occur in any corporate or enterprises journey is when you're meaningfully able to win over first consumer's love, then the consumer's trust, and then the consumer's confidence. And the three are independent things.”
Chatterjee: Revolut has over 70M customers across 40 countries
“And when you can industrialize that at scale over seventy million customers across 40 countries is when you get the confidence that yes, this company can do it.”
Chatterjee: 85% of Indian Consumers Already Use Digital Financial Apps
“Today in India, we have 85% of consumers already on some digital financial app or the other.”
Chatterjee: Revolut's Core Hook in India Will Disrupt Forex
“Even in India, just like Revolut's core DNA overseas, our core hook will be around disrupting Forex.”
Chatterjee: Fintech founders must define regulatory boundaries before innovating
“You can become a master of the game once you know the rules. And if you're going out to play cricket, you need to draw out the pitch first, where the boundary is. Or if you're going to play tennis or badminton, you need to draw out the court and know where the…”
Chatterjee: Revolut India is the global think tank, not a back office
“That it is not just a place where you set up a GCC for back office operations. It is a place which is your brain. Which is your think tank for you, for your global operations, is who we are. And it is the, I'm proud to say it is the think tank of Revolut globa…”
Chatterjee: Great products require consumer insights over pure product management
“In order to build a good product, you can be a good product tech manager. But in order to build a great product, you need to be a consumer insights manager. You need to know your consumer, really know your consumer. You need to know where they like spending th…”
Chatterjee: Younger Indians are willing to pay premiums for sustainability
“They seem to be more conscious about climate and sustainability and nano local entrepreneurs. And there's a trend of being okay with paying a premium if a product is sustainable versus a product that is detrimental to the earth.”
Chatterjee: Product customization will reach the individual level within five years
“Historically across the world, across industries, as a matter of fact, it first moved from a manufacturer-driven approach, one product, to you consumer, take it or leave it, to mass customization, which is basically identifying different segments and trying to…”
Chatterjee: Finance will operate increasingly behind the scenes within five years
“So I actually think finance is going to become even more embedded and behind the scenes in the next four or five years.”
Chatterjee: Tokenization will make fractional ownership of high-value assets reality
“But with tokenization, fractional ownership becomes really real. That same property, which is let's say worth two crores, today you can't think of taking it. But if it is broken down among 10 people who can have fractional ownership, everybody has 20 lakhs wor…”
Chatterjee: Pitching that a product has no competition is a red flag
“When they come and say my product has no competition.”
Chatterjee: Revolut will launch in four more licensed countries this year
“And we have three, four more countries where we've secured the licenses, where the product build is underway, which should get launched over the next year.”
Chatterjee: UPI has surpassed 500 million users in India
“More than five hundred million customers at last.”
Chatterjee: Revolut India integrates digital wallet accounts with UPI on day one
“This account is integrated with UPI on day one.”
Chatterjee: Revolut India offers day-one accounts for kids aged 8 to 18
“So consumers on day one itself can open their kids account for a kid who's between eight to 18 years of age, and give their kids the chance to get introduced to finance, to the entire world of budgeting, saving, spending, with the parent remaining in control a…”
Chatterjee: Revolut India has over 450,000 people on its waitlist
“We already have more than four and a half lakh people on the waitlist.”
Chatterjee: Revolut is licensed as a bank in 30 of 40 countries
“Out of the 40 countries that we're present, in 30 of them we're a bank.”
Chatterjee: UPI was the first local rail integrated into Revolut
“One, the fact that UPI is the first local rail that we integrated into our product, which gave us the confidence that we can actually integrate Revolut into local payment rails in various countries, right?”
Chatterjee: Indian consumer spending is shifting toward affordable luxury goods
“Now the nature of consumption is actually moving more towards luxury aspirations. In keeping with the aspirations of a growing country. Consumers are spending on affordable luxury, whether it is in terms of the accessories, electronics, gadgets, wearables cosm…”
Chatterjee: Indian consumer spending on international travel is surging rapidly
“The second pattern of spending that we're observing is a lot of spending on travel and international travel in particular, which is supported by other phenomena, like a lot of countries becoming visa free or visa accessible or electronic e-visas would just tak…”
Chatterjee: Indian Budget Policy Shifts on Outbound Spends Provide Tailwinds for Revolut
“A hundred percent. I think overall, the fact that the government has taken cognizance of this phenomenon of international travel going up, which is supported by education and healthcare primarily, as well as business related travel overseas and trying to make …”
Chatterjee: In 2010, Mobile Payments Only Existed With M-Pesa in Kenya
“There was no such thing as mobile payments. It didn't even exist except in M-Pesa in far off Kenya.”
Chatterjee: Revolut India uses a five- to seven-stage hiring process
“We have a bare minimum five stage hiring process for anybody, even for the junior most executive, and it goes to seven. Stage hiring process for senior executives.”
Chatterjee: Revolut's North Star metric is active customer engagement
“North star metric for Revolut would be active customer engagement.”