Revolut: We want to disrupt investments

It’s been a big week for Revolut. Yesterday, the alternative digital banking platform announced that it has reached 2 million customers in Europe.

“We’re reaching even more customers and helping them with their financial lives,” Nikolay Storonsky, CEO and founder, said to PaymentEye of the news.

“Banks have been overcharging customers and burdening them with slow technology and poor service for years. Customers are being educated about handling their finances and are taking control of them with the new technology that’s on offer.”

Not only is Revolut’s reach spreading further with their digital banking platform, but they’ve also announced that they are actively working on a commission-free trading platform that will see customers able to instantly invest in companies such as Apple and Amazon.

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.

“We want to disrupt investments like we’ve disrupted banking,” Storonsky told PaymentEye.

“Brokers are over-charging people, while user interfaces are typically clunky, slow and confusing for consumers. The pain points are clear for us and the room for improvement is massive, so we’ve decided to get involved.”

Revolut will soon allow customers to instantly 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, democratising investing in stocks by breaking down the barriers of entry such as high fees, painful and confusing trading interfaces, and tedious onboarding processes.

In the last 12 months alone, Revolut has increased customer acquisition by over 300% to over 2 million customers, firmly positioning the London-based company as the fastest growing fintech 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 also 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 fintech 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.

“There are plenty of financial services that are being abused by the banks, most of which we are exploring as we build out our financial marketplace,” Storonsky concluded.

“Stay tuned for our next announcements!”

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