Revolut is launching a standalone investment app in Europe, as it looks to disrupt the retail investor market and ramp up its efforts to be an all-encompassing financial super-app.
The most valuable private tech firm in Europe is piloting Revolut Invest in Greece, the Czech Republic and Denmark, with plans to roll out across the EU later this year and other countries around the world.
Revolut Invest will offer investors more than 4,000 financial instruments to pick from, including US and European stocks, bonds, commodities, ETFs and CFD (Contracts for Difference) trading.
It is taking on investment apps such as Robinhood, eToro, Trade Republic, Scalable Capital as well as legacy players.
Revolut, which has more than 40m customers, already offers retail trading within its main app, but has now decided to launch a dedicated investment app targeting experienced investors.
It will include Trading Pro, a subscription offering with no minimum fee and lower commission rates for stocks and ETFs.
The standalone app will also include analytics and market news and extended trading hours.
The minimum amount to start investing in bonds is €100, with 0,25% fixed fee per trade.
Revolut said it decided to launch the standalone app, after gauging customer feedback.
Revolut has long-held the ambition of being a super-app, mirroring that of China’s WeChat and Alipay.
Revolut’s other financial services including banking, lending, insurance, crypto and a mobile eSIM service.
Rolandas Juteika, head of Wealth and Trading (EEA), said:
“With our Revolut Invest App we want to disrupt the world of traditional investing platforms who expose traders to high foreign exchange rates, ask for minimum deposits and charge them different fees like inactivity fee.
“We are fixing this. We let our customers forget distractions and focus solely on investing by saving their time and putting all investments related tools in one single and easy to use place – Revolut Invest App.”
By Tech.eu
Source: Tech.eu