Revolut is reportedly introducing a standalone app based on its wealth management offering as Europe’s leading Fintech aims to challenge major competitors like Robinhood as well as Etoro in the retail investor sector.
The Revolut Invest app will provide over 4,000 financial instruments, including from US as well as European stocks, bonds, commodities and exchange-traded funds (ETFs), the London-headquartered Fintech stated.
Equity and bond investments may involve a flat fee of 0.25% or €1.
Revolut currently provides retail trading via its main Fintech app and the firm is now targeting new clients who have not used its banking platform.
Customers will gain access to Trading Pro, a premium subscription with low commission fees, higher order limits as well as insightful analytics.
Revolut Invest is being tested in Greece, Denmark, as well as the Czech Republic, with the goal to further expand to other European Economic Area nations in the foreseeable future.
Revolut intends to gradually launch the app in other nations, and it currently has the needed approvals in the UK, US, Singapore, as well as Australia.
The product updates are said to be part of Revolut’s goal to become a super app and increase its focus to compete with banks that provide a wide range of financial services.
Its key competitors in the retail investment sector are Robinhood, Etoro, Trading 212 as well as Freetrade.
Revolut was established back in 2015 as a virtual payments and money transfer app in the United Kingdom.
Revolut then expanded across international markets and provided an extensive range of services, including crypto trading and even an eSIM plan.
Revolut notably reported a pretax profit of £438 million in 2023 on the back of higher interest rates as well as onboarding around 12 million additional retail clients during the financial year.
The Fintech company now anticipates that its international customer base could surpass 50 million users by the end of 2024.
Revolut’s main challenge to UK high street banks received a significant boost when it finally obtained a UK banking license, which is still subject to certain restrictions.
This notable development came following over 3 years of regulatory talks amid audit problems, constant criticism of Revolut’s unusual corporate culture and the postponed submission of its accounts.
The license enables Revolut to directly hold deposits as well as boost lending in its UK market, where it claims over 10 million customers.
These efforts are now set to help Revolut in acquiring a license in US markets as well.