U.K.-based digital banking app Revolut has signaled its intention to enter the U.S. market by launching a commission-free stock trading platform for United States stocks, the company announced on Wednesday. This move will see the company compete with financial services companies such as Charles Schwab Corp. and fellow digital trading platforms including Robinhood Markets Inc.
The decision to enter the U.S. market is one stage of the company’s expansion plan, in which Revolut aims to become a one-stop-shop with which customers can manage every aspect of their finances, including savings accounts, investments such as cryptocurrencies and stocks, and online payments.
Gabe Vallejo, Revolut’s U.S. head of wealth and trading, commented in support of the company’s U.S. offering, explaining: “This to us was just the next logical step.”
Currently, Revolut offers zero-commission stock trading across the United Kingdom and Europe as well as banking services to United States customers – a service that commenced in March 2020. The company obtained its U.S. broker-dealer license in September 2021 in preparation for this move.
American-based Revolut customers will have the ability to buy and sell over 1,100 securities that are listed on the New York Stock Exchange; a number that includes over 200 exchange-traded funds.
