Revolut hits 2m customers, plans new trading platform

By Ryan Weeks on 7th June 2018

Challenger Banks

The relentless Revolut has revealed that almost half its customers are UK-based.

Revolut hits 2m customers, plans new trading platform

Seldom does a week go by without a Revolut announcement. Today, the company reveals that it is working on a new commission-free trading tool, allowing users to invest in UK and US-listed firms, as well ETFs and options.

Revolut is taking aim at traditional brokerages, which charge as much as £5.00 per trade. It likens its attempt to make trading more affordable and accessible to the approach it has taken to banking and crypto-currency.

 “To put it bluntly, we are going to cause the same disruption in investments as we have done in banking,” said Revolut founder and CEO Nikolay Storonsky, in a statement. “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 tandem to the launch, the banking challenger has passed 2 million customers in Europe. This represents more than 300 per cent growth in the past 12 months, which Revolut claims makes it the fastest-growing fintech firm in Europe. The firm is now seeing a monthly transaction volume of $2b, with customers making over 100 million individual transactions.

We now have some notion of where the app’s customers are concentrated. Approximately 900,000 of its customers are based in the UK, with France and Poland emerging as its second and third largest markets respectively.

But Revolut’s ambitions are very much global, as our recent interview with early-employee Rishi Stocker showed. In the next few months, the firm is expected to launch in the US, Canada, Singapore, Hong Kong, Australia and New Zealand.

Anna Irrera of Reuters revealed a few days ago that the company will apply for a US banking licence to support its expansion plans. It is already in the process of seeking a European banking licence.

 

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