Revolut, the fintech company that offers alternative ways for money transfer and foreign exchange, announces that it will launch a global trading platform to buy and sell listed companies without commission. That means people in Europe can invest in companies like Apple and Amazon in just a few shortcuts.
Tne company that reached 2 million users in Europe and is actively working to develop a fee-free trading platform. Revolut will soon allow customers to explore and invest in listed companies in the UK or the United States, and to use other financial instruments such as collective investment funds (ETFs) or options. The company intends to fundamentally transform the investment process and make it affordable and convenient for everyone, democratizing investment in action by removing barriers of prohibitive taxes, unclear interfaces, and complicated activation processes.
In a market where traditional brokerage firms charge a fee of up to GBP 5 for each transaction, Revolut sees an opportunity to innovate and make transparent and convenient investments for everyone – an approach similar to what he had with financial products and cryptocurrencies.
Over the past 12 months, Revolut customers in Europe have reached 2 million users, rising by over 300% and turning London’s company into the fastest-growing Fintech company in Europe. Customers have made over 100 million individual transactions, with a total monthly volume of USD 2 billion. Last month Revolut opened an office in Romania, where it already exceeded 35,000 users and plans to exceed 100,000 by the end of the year.
More than 900,000 of its customers live in the UK, while France and Poland are the second and third largest markets respectively. Revolut services are currently only available in Europe, but Fintech plans to expand this year to markets in the United States, Canada, Singapore, Hong Kong, Australia and New Zealand.
“Let’s say things by name: we will innovate in the field of investment just as we did in banking. Brokers today charge a fee of up to £ 5 for each transaction, and user interfaces are complicated, difficult to understand and slow. The problems are clear to us and there is a huge potential for improvement. In Revolut’s already known style, we will make investments affordable, intuitive and mobile, fully meeting the expectations of our audience who are waiting for this. It is yet another step we make towards our goal of turning Revolut into the only place where people can manage their entire financial life, from daily spending to cryptomonies and soon to invest,” says Nik Storonsky, Founder & CEO of Revolut.