Revolut announces a Robinhood-like trading product
Fintech startup Revolut likes to announce new things all the time. Even though nothing is going live today, it’s interesting to see where the startup is heading. The company is working on a trading platform for traditional shares without any commission.
While American customers have been using Robinhood for years, the rest of the world has been lagging behind when it comes to stock trading.
You still have to open an account on a painfully slow website and pay a few euros for every transaction. Some companies even ask you to send a letter to create an account. And if you want to buy stock through your existing bank account, it usually costs even more.
Revolut promises that you won’t pay any commission when you buy or sell shares. The company plans to make money on margin trading, securities lending and interest on cash. Unfortunately, Revolut didn’t say when the feature would launch.
Premium subscribers will be able to test the feature first. Eventually, you’ll also get additional perks if you’re a premium subscriber. Trading will be available to all Revolut users in Europe and future markets. The company plans to launch in the U.S., Canada, Singapore, Hong Kong, Australia and New Zealand in the coming months.
Revolut’s premium subscription is becoming a sort of Amazon Prime for financial products. You pay £6.99/€7.99 per month and you get unlimited foreign exchange transactions, travel insurance, access to new features and more.
It’s clear that Revolut plans on making predictable revenue on this premium subscription. And maybe the trading platform will make more people subscribe to Revolut Premium.
Additionally, Revolut now officially has 2 million users. It’s funny to see that Revolut is announcing this new milestone just days after N26 announced a million users. Interestingly, Revolut has 900,000 users in the U.K., where N26 has yet to launch.
Source: Mobile – Techcruch