Revolut takes on gold-buying apps Glint and Goldex

By Aisling Finn on Thursday 12 March 2020

Digital Banking

The $5.5bn fintech is entering a whole new industry.

Revolut takes on gold-buying apps Glint and Goldex
Image source: Revoult ro-founders Vlad Yatsenko and Nikolay Storonsky

In what appears to be an odd move, Revolut has today announced that its Metal and Premium customers can now buy gold through the app. 

Revolut’s subscription users can purchase and trade gold, based on live market performance data which Revolut obtains through its trusted gold services partner and any gold traded will be backed up by real physical gold.

Entering the fray on buying physical gold puts Revolut on a collision course with startups like Glint and Goldex, both of which offer app-based gold trading.

What makes Revolut’s commodity trading unique, however, is that customers can also transfer their gold exposure to other Revolut users within the app, or convert it into cryptocurrency or e-money.

To access gold trading customers have to update their apps to reveal a new ‘Commodities’ widget in the app.

The introduction of this new trading feature comes just a day after Revolut announced it was launching a new perks feature for existing customers.

Ivan Chalov, product owner for precious metals at Revolut, said: “Access to gold is the latest step we’ve taken towards allowing our customers to further diversify their portfolio.” 

“Our goal is to open up new financial products for our users and give them as many options as possible so they can save, invest and manage their money in the way that they want,” he added.

The digital bank is still yet to hold a coveted UK banking licence, although the constant launching of new features and the appointment of several city veterans is a clear indication that Revolut is on a drive to put the FCA in a position where they can’t refuse.

A spokesperson for Revolut declined to disclose who is providing the digital bank with its gold.

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