Earlier this week Revolut announced its plans to apply for a US banking license. Today the challenger bank indicated that it will launch a global trading platform to buy and sell listed stocks commission-free through which Revolut customers will be able to invest in companies such as Apple and Amazon. In the last 12 months, Revolut has increased customer acquisition by over 300% to over 2 million customers, firmly positioning the London-based company as the fastest growing fintech in Europe. In addition, the company has released further data showing a monthly transaction volume of $2 billion, with customers making over 100 million individual transactions.
“To put it bluntly, we are going to cause the same disruption in investments as we have done in banking. Brokers are charging people as much as £5.00 per trade and the user interfaces are typically clunky, slow and confusing for consumers. The pain points are clear for us and the room for improvement is massive,” indicated Revolut Founder & CEO Nik Storonsky. “In true Revolut fashion, we will make investments cheap, intuitive and completely mobile, which is exactly what our audience has come to expect from us. This is another step towards our goal of building a one stop shop where people can manage their entire financial lives, from day to day banking to cryptocurrencies and now investments.”
[clickToTweet tweet=”[email protected] Aims to Be Europe’s #Fintech Robin Hood with New Commission-Free Trading Platform. ” quote=”@RevolutApp Aims to Be Europe’s #Fintech Robin Hood with New Commission-Free Trading Platform. “]
Revolut said that it will soon allow customers to instantly explore and invest in UK and U.S listed companies as well as other instruments such as ETFs and options. The company intends to make investing more affordable and accessible for everyone, democratizing investing in stocks by breaking down the barriers of entry such as “high fees, painful and confusing trading interfaces, and tedious onboarding processes.”
With many traditional brokerages charging as much as £5.00 per trade, Revolut sees an opportunity to cause serious disruption and make investing open and affordable to everyone – a similar approach that the platform took with its banking and Cryptocurrency products.
Of the 2 million customers, Revolut reported that approximately 900,000 of its customers are UK-based, with France and Poland emerging as the second and third largest markets respectively. While the hot fintech is only currently available in Europe, Revolut is expected to launch in the United States, Canada, Singapore, Hong Kong, Australia and New Zealand in the next few months. To see other Revolut news, click here.
🚀 We’re now 2M+ strong 💪🏻 pic.twitter.com/6Amxb9xlvF
— Revolut (@RevolutApp) June 7, 2018