UK-based fintech company Revolut is planning to offer a commission-free stock trading service to US customers, as the latter was announced by Nik Storonsky – CEO and founder of Revolut during an interview for CNBC. According to Nik Storonsky, Revolut has secured a US broker-dealer license, giving the company the opportunity to compete with Robinhood and Square in the world of retail investing.
Storonsky also said that they are building a single app that will help people to manage all aspects of their finances – from banking and foreign exchange to cryptocurrency and stock trading. As per Ron Oliveira, head of Revolut’s U.S. business, the company is testing a new stock trading service that will be available in a few months and which will allow users to buy ETFs and shares of NYSE- and Nasdaq-listed companies.
According to Storonsky, after the $800 million fundraising from private investors and the massive $33 billion valuation of the company in July, Revolut will eventually aim for a public listing in the U.K., U.S. or a dual listing.