Currently undergoing testing in Greece, Denmark and the Czech Republic, the app will be introduced in other European Economic Area countries by the end of the year. The bank will expand the Invest app to other jurisdictions over time, having already secured the relevant licensing to do so in the UK, US, Singapore and Australia.
Revolut Ltd., Europe’s most valuable fintech, is spinning out its €8.5 billion ($9.5 billion) wealth management offering into a standalone app, seeking to compete against the likes of Robinhood and eToro for a greater slice of the retail investor market, according to Bloomberg.
The app, called Revolut Invest, will offer nearly 5,000 assets on debut, including US and European stocks, exchange-traded funds, commodities and bonds, as well as new products such as contracts for difference. Equity and bond investments will face a flat fee of either 0.25% or €1, the bank said in a statement on Tuesday, while charges for CFDs may vary.
Currently undergoing testing in Greece, Denmark and the Czech Republic, the app will be introduced in other European Economic Area countries by the end of the year, Rolandas Juteika, Revolut’s head of wealth and trading for the region, said in an interview. The plan is to double the number of assets available to trade by the same time frame, he added.
Revolut had around 45 million customers at the end of June, according to its most recent annual report, of which more than 3 million users already use its investment services. Assets under management in its wealth offering have almost tripled to €8.5 billion, from €3 billion at the end of 2023, Juteika said.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
