Revolut to launch commission-free stock trading in the US
UK fintech company Revolut will, for the first time, enable US users to trade shares without commission. Revolut founder Nicholas Storonsky told CNBC.
According to him, the company will announce on Tuesday, 21 September, that it has received a licence to broker and dealer in the US. At the time of writing, there are no official statements from the company on the subject yet.
The licence will allow Revolut to compete with companies such as Robinhood and Square in the retail sector.
Storonsky added that the company will create a single application through which "people can manage all aspects of their finances, from banking and currency exchange to cryptocurrency and stock trading".
Revolut is now testing a service that will allow users to buy ETFs and stocks of NYSE- and Nasdaq-listed companies, according to Ron Oliveira, head of the US division. It is expected to become available in a few months.
Recall that Revolut raised $800m in July at a valuation of $33bn. In September, Storonsky said that the company's revenue should be in the range of several billion dollars a year before going public.