Revolut Ventures into Wealth Management with New Trading App across Europe

Coinspeaker
Revolut Ventures into Wealth Management with New Trading App across Europe

London-based fintech company Revolut is venturing into the wealth management sector with the launch of a new standalone app designed to offer retail investors the opportunity to trade a wide range of assets, including cryptocurrencies and traditional stocks. 

According to a Bloomberg report on Tuesday, citing an interview with Rolandas Juteika, the CEO and Chairman of the board at Revolut Securities Europe, the app, called Revolut Invest, will provide access to nearly 5,000 assets, ranging from US and European stocks to exchange-traded funds (ETFs), commodities, bonds and Contracts for Difference (CFDs).

Cheap Transaction Fees

The app is currently being tested in three countries in Europe: Greece, Denmark, and the Czech Republic. However, Revolut plans to extend access to the new platform to more European Economic Area (EEA) countries by the end of the year.

Additionally, the company intends to double its asset offerings within the same period, giving it a competitive edge as it explores the wealth management market, which is already dominated by Robinhood and eToro.

Revolut has designed the app to offer lower trading fees than other platforms to better compete for a slice of the pie. The company has implemented a flat fee of 0.25% or €1 for equity and bond investments, although transaction fees for CFDs may differ. The app’s low-fee structure aims to attract a broad spectrum of investors — from beginners to seasoned traders.

Revolut to Expand Access to New Platform Outside Europe

Revolut Invest also features a premium subscription tier called Trading Pro, which offers additional features, such as reduced commission fees and enhanced analytics, designed to meet the needs of more advanced investors. Juteika told Bloomberg that about 20,000 customers have already registered for Trading Pro.

He further disclosed that the launch of the new trading platform is part of the company’s vision of building a “global bank” that serves as a one-stop shop for all financial services.

Juteika also said that while the current focus is on European markets, Revolut has secured licenses to launch its trading services in the UK, US, Singapore, and Australia.

The bank will make the app available to its British customers once it completes the final stage of its banking license. Recall that the company recently obtained a permit from financial authorities in the UK after three years of waiting.

Revolut Is Now a Banking Powerhouse

Meanwhile, Revolut has been making its mark within the financial services industry since its launch in 2015. Its crypto-friendliness has helped its presence within the financial market. The company has grown into a financial powerhouse, valued at $45 billion.

Its latest move into wealth management underscores its ambition to become a global financial leader. Juteika revealed that over 3 million of its 45 million customers use its investment services through the main banking app.

Revolut launched a standalone crypto exchange dedicated to trading digital assets earlier this year. The firm sought to move its crypto business away from banking services. next

Revolut Ventures into Wealth Management with New Trading App across Europe