Revolut: 2M users in Europe, plans to launch a trading platform
Revolut recently announced it hit 2M customers in Europe and is actively working on a commission-free trading platform that will see customers able to instantly invest in companies such as Apple and Amazon.
Revolut will allow customers to explore and invest in UK and U.S listed companies as well as other instruments such as ETFs and options. The company intends to make investing more affordable and accessible for everyone, democratizing investing in stocks by breaking down the barriers of entry such as high fees, painful and confusing trading interfaces, and tedious on-boarding processes. With many traditional brokerages charging as much as £5.00 per trade, Revolut sees an opportunity to cause serious disruption and make investing open and affordable to everyone – a similar approach that they took with their banking and Cryptocurrency products.
In the last 12 months alone, Revolut has increased customer acquisition by over 300% to over 2M customers, firmly positioning the London-based company as the fastest growing fin-tech in Europe. In addition, the company has released further data showing a monthly transaction volume of $2 billion, with customers making over 100 million individual transactions.
Revolut reports that approximately 900,000 of their customers are UK-based, with France and Poland emerging as the second and third largest markets respectively. While the hot fin-tech is only currently available in Europe, Revolut is expected to launch in the United States, Canada, Singapore, Hong Kong, Australia and New Zealand in the next few months.
Nik Storonsky, Founder & CEO of Revolut:
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 £5.00 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.
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.
Revolut launched in July 2015 with a punchy mission: to turn the financial banking sector on its head. With Revolut, users can set up an app-based current account in 60 seconds, spend abroad in over 150 currencies with no fees, hold and exchange 25 currencies in-app and send free domestic and international money transfers with the real exchange rate.
Since July 2015, London-based Revolut has signed up over 2 million customers across Europe and processed more than 100 million transactions, with a total volume transaction of over $16 billion to date. Revolut has raised a total of $336m from some of the most notable investors including DST Global, Index Ventures, Balderton Capital and Ribbit Capital.