Revolut to offer commission-free US stock trading
By Sean Farrell
Date: Monday 27 Jun 2022
(Sharecast News) - Revolut will offer commission-free stock trading to US customers for the first time to compete with Robinhood and Square in the fast-growing world of retail share dealing.
The £24bn UK fintech has acquired a US broker-dealer licence as it competes to create the first global financial super-app, CNBC reported. Breaking into the US is a major requirement for achieving that goal.
"We are building a single app where people can manage all aspects of their finances, from banking and foreign exchange, to cryptocurrency and stock trading," founder and Chief Executive Nik Storonsky told CNBC. "We're eager to break down common barriers to entry around stock trading such as account minimums and complex interfaces."
Revolut launched in the US last year as the pandemic began and has added high interest savings, small business banking, remittances to Mexico and cryptocurrency trading to its services in the world's biggest economy. Retail share trading has boomed in the US in the past few years, attracting more than 20 million investors
Revolut is testing its share trading service, which will allow users to buy exchange traded funds and shares of New York Stock Exchange and NASDAQ listed companies, Ron Oliveira, head of Revolut's US business told CNBC. The service will be available in a few months and in time will offer fractional share purchases and the ability to invest spare change from card transactions.
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