Revolut is set to enable UK and EU stock trading on its platform, after receiving relevant authorisation from the Financial Conduct Authority (FCA). But how does it compare to other UK share investing apps.
The London-headquartered fintech has been authorised by the FCA to operate as an investment firm, allowing it to expand its services and products.
From 2025 the firm will be able to provide trading of UK and European stocks and exchange-traded funds (ETFs) to its more than 650,000 trading customers in the UK.
Users of the platform have been able to buy and sell US-listed shares since 2019.
Expanding its offering to include EU and UK stock trading puts the business in further competition with an already crowded market.
Many other UK brokers – including the largest investment platforms Hargreaves Lansdown and AJ Bell – already do the same. ANd rival trading app Robinhood has recently been exploring offering commission-free trading of UK-listed stocks.
Revolut was also recently granted a UK banking licence by the Prudential Regulation Authority or PRA.
In a sign of its commitment to the UK market the firm is planning to set up its new global headquarters in the YY building in London’s Canary Wharf.
As of June 2024, Revolut has 45 million customers, holds $23 billion in client balances, operates in 38 countries and had generated revenues of $2.2 billion in 2023 and earned a net profit of $428 million.
It is also the most downloaded finance app in Europe and is more downloaded than any others in 17 countries.
In September, Revolut announced plans to launch a regulated, leveraged CFD or Contracts for Difference trading platform across Europe.
Under a new brand called Revolut Invest, the new service is set to be offered through a standalone CFD trading app.
The firm will partner with broker CMC Markets institutional services arm CMC Connect, which will provide execution and clearing services for CFD trading for its clients.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
