By Ryan Weeks on Thursday 20 July 2017
Revolut intends to partner with robo-advice platform ETFmatic.
App-based banking disruptor Revolut intends to partner with its first robo-advisor. A report in this morning’s Citywire suggests that Revolut has already partnered with ETFmatic to roll out its wealth offering. Revolut has confirmed that this is its intention.
Revolut’s modus operandi has been to broaden its product set through partnerships with other fintech firms. The company launched an instant credit offering in partnership with peer-to-peer lending platform Lending Works in March of this year.
Revolut has had insurance and wealth tabs live in its app for some time, each listed as “coming soon”. It would appear that ETFmatic will serve as at least one of its partners on the wealth front. ETFmatic builds bespoke portfolios of ETFs for its users using technology, and claims to be the most downloaded robo-advisor app in Europe.
Citywire seems to believe that Revolut’s wealth service will be similar to that offered by fellow fintech app Moneybox, which allows users to round up card purchases and to invest the spare change online.
Revolut, however, is yet to formally announce the ETFmatic partnership, and it is possible that the proposition that ultimately emerges will look somewhat different.
Revolut is yet to pause for breath in 2017. In the past month alone, the company has launched both business accounts and personal EUR accounts, in addition to having closed a $66m Series B fundraise to fund global expansion. Pre-registration for its long-awaited £4m equity crowdfunding campaign on Seedrs opens 24 July.
You can learn more about Revolut by tuning into Millennial Money Matters.
