One of the poster children of digital banking globally, the UK-based fintech unicorn’s India entry last month raises some big questions.
Banking in India is a cutthroat market, with well-entrenched incumbents. New York-headquartered Citibank just last month announced it will be exiting its consumer banking business here after more than three decades of operations. A week later, South Africa’s second-largest bank, FirstRand Bank, told its employees in India that it would also be pulling out, according to The Economic Times.
That hasn’t stopped a slew of fintech startups from launching as neobanks—a somewhat nebulous term referring to banking led by digital operations.
And now, they’re joined by one of the biggest neobanks in the world, Revolut, which announced that it was …
Arti is a former writer at The Morning Context. She previously worked with publications such as ET Prime, VCCircle, Firstpost and EETimes. Arti has keenly tracked the evolution of financial technology in India and written some of the defining pieces on the ecosystem as it birthed and matured. Even when not writing about it, she loves to dissect the revenue models, margins and regulations that are shaping the sector.
artisingh@mailtmc.com