Revolut to launch retail wealth app in challenge to Robinhood and Etoro
Revolut is launching a standalone app based on its wealth management offering as Europe’s most valuable fintech looks to challenge Robinhood and Etoro in the retail investor market.
The Revolut Invest app will offer more than 4,000 financial instruments, including from US and European stocks, bonds, commodities and exchange-traded funds, the London-based company said.
Equity and bond investments will involve a flat fee of either 0.25 per cent or €1.
While Revolut already offers retail trading on its main app, it is now targeting new customers who have not yet used its banking services.
Customers will also have access to Trading Pro, a premium subscription offering discounted commission fees, higher order limits and analytics.
Revolut Invest is currently being piloted in Greece, Denmark, and the Czech Republic, with plans to expand to other European Economic Area countries later this year.
The bank plans to eventually introduce the app in other countries, and it already has the relevant approvals in the UK, US, Singapore, and Australia.
The product announcements are part of Revolut’s efforts to become a so-called super app and step up its challenge to global banks that offer a broad church of financial services.
Its main rivals in the retail investment space are Robinhood, Etoro, Trading 212 and Freetrade.
Revolut was founded in 2015 as a digital payments and money transfer app in the UK. It then expanded globally and offered a range of services, from cryptocurrency trading to an eSIM plan.
It booked a record pretax profit of £438m in 2023 on the back of higher interest rates and attracting almost 12m new retail customers over the year. The firm expects its global user base to surpass 50m customers by the end of this year.
Revolut’s challenge to British high street lenders received another boost earlier this summer when it secured a UK banking licence, subject to temporary restrictions.
It came after more than three years in regulatory limbo amid audit issues, criticism of Revolut’s corporate culture and the delayed filing of its accounts.
The licence allows Revolut to directly hold deposits and increase lending in its home market, where it boasts more than nine million customers. It is also expected to help Revolut’s chances of securing a licence in the US.