Commission-Free Stock Being Rolled Out by Revolut
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As per the latest reports, it has been reported that the global fintech player, Revolut is going to make a new move in the stock trading market. The $33 billion firms has announced that it is planning to offer its investors a new kind of stock trading service.
The firm is reportedly planning to introduce stock trading that is going to be commission-free. The company has announced that it is going to introduce and offer this service to customers in the United States for the first time.
According to inside sources, Revolut may make an announcement this coming Tuesday, September 28, 2021, in regards to stock-free trading. The sources reveal that the company may make an announcement confirming that it has successfully acquired a broker-dealer license in the United States.
With the acquisition of the broker-dealer license, it is aiming to compete with firms such as Square and Robinhood. Over the course of time, several fintech, as well as app-trading firms, have started expanding their services and products. Such companies are constantly making improvements and upgrading themselves to become part of the retail trading world. This information was shared by Nik Storonsky, the founder of Revolut.
Revolut was founded back in 2015, and in a matter of 6 years, it has become one of the most prominent and dominant fintech firms in Europe. The firm has constantly been introducing new and most convenient features for the customers.
The foundation for the firm was set when people felt the need to face very small fees when performing transactions internationally. When people moved to different countries, they incurred high currency conversion charges but Revolut offered them the opportunity to not face such charges.
At times, there weren’t even any conversion charges that the users incurred while converting money from one currency to another. This is the reason why Revolut has built such a large user base in a short amount of time of being in the fintech sector.
Over the course of time, Revolut has added several features and services that include online banking, cryptocurrency, and trading features for the users. This has helped Revolut build an entire empire of 16 million active users.
As a result of the efforts and services it has provided the customers, it has cherished constant input and investments from the consumers. This has helped the company build up a market capitalization of $33 billion in July of 2021.
The company reached this market capitalization with the help of major investors such as Tiger Global and Softbank. With the help of the new product it has introduced in the stock trading markets of the United States, Revolut will soon be launching its stocks for investors.
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