Canary Wharf fintech Revolut prepares for expansion as user base hits 2M
Digital banking firm Revolut has confirmed plans for a new trading platform after announcing its latest customer milestone.
The Canary Wharf-based company, which now has two million customers in Europe, is actively working on a commission-free trading platform to make investing more accessible and affordable.
It will enable users to invest in UK- and US-listed businesses, as well as other instruments such as ETFs and options.
Revolut said it has ramped up customer acquisition in the last 12 months by over 300%.
Around 900,000 of Revolut’s customers are based in the UK. France and Poland are its second and third-biggest markets respectively.
Revolut is currently only available in Europe but expects to expand into the US, Canada, Singapore, Hong Kong, Australia and New Zealand in the coming months.
The company sees a monthly transaction volume of $2bn across more than 100 million individual transactions.
Nik Storonsky, founder and chief exec of Revolut, said: “To put it bluntly, we are going to cause the same disruption in investments as we have done in banking.
“Brokers are charging people as much as £5 per trade and the user interfaces are typically clunky, slow and confusing for consumers. The pain points are clear for us and the room for improvement is massive.”
Nik continued: “In true Revolut fashion, we will make investments cheap, intuitive and completely mobile, which is exactly what our audience has come to expect from us.
“This is another step towards our goal of building a one stop shop where people can manage their entire financial lives, from day to day banking to cryptocurrencies and now investments.”