Digital challenger bank, Revolut now has two million customers across Europe and is working towards a commission-free trading platform.
Showing no signs of slowing down, Revolut has announced that it now has two million customers, an increase of 300% in the last year. The challenger has been breaking down barriers since the very beginning. In November 2017, Revolut reached one million customers.
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Alongside this news, the company announced plans to launch a commission-free trading platform that will see customers able to invest in companies such as Apple and Amazon in a matter of seconds.
Once the platform has gone live, customers can explore and invest in UK and US listed companies as well as other instruments such as ETFs and options. Revolut has always focused on solutions to make banking simpler and more convenient for customers in ways that traditional banks are not. Now, with this upcoming platform, the company wants to open up investing to customers in an affordable way.
With many traditional brokerages charging as much as £5.00 ($7) per trade, Revolut is seizing the opportunity to cause disruption in this sector by breaking down the barriers of high entry fees and confusing trading interfaces.
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By GlobalDataNikolay Storonsky, CEO of Revolut said:
“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.”
“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.”
Approximately 900,000 of Revolut customers are UK-based, with France and Poland emerging as the second and third largest markets respectively. However, its plan to go global seems to be in full swing as just this week the challenger applied for a US banking licence and partnered with a bank in Russia to start offering its services.
Now, Revolut is expected to launch in the US, Canada, Singapore, Hong Kong, Australia and New Zealand in the next few months.
