Fast-growing fintech Revolut launched its stock trading feature in Australia today, two years after its initial launch in 2019.
More than 100,000 Australian customers will be able to trade 1,100 securities on Revolut, including stocks on the New York Stock Exchange and Nasdaq as well as more than 200 exchange-traded funds.
When it comes to features, the UK-based platform is rolling out split trading functionality to lower the bar for young investors. This feature allows small traders to diversify their portfolios by spreading their relatively small capital over a wider range of stocks.
The new offering, part of Revolut’s quest to become a so-called “super app”, gives customers access to an abundance of market and security information. In the app, users can access live market data, stock charts, as well as price alerts, market charts, and global market news. The in-app platform also includes Revolut’s social trading functionality, which allows traders to share their portfolios and view other clients’ investments.
Revolut has grown rapidly since 2015
“We are really excited to bring Stock Trading to our Australian clients and to simplify the trading experience for new and experienced investors. There are so many barriers for Australians who want to invest in the US stock market. sting customers with a whole host of hidden fees including brokerage, US dollar foreign currency mark-ups, and deposit and withdrawal fees.Offering commission-free transactions and our market-leading exchange rates , our stock trading feature aims to simplify things and give investors more money on their trades and less on fees,” said Matt Baxby, CEO of Revolut Australia.
The British challenger bank has grown rapidly in recent years, attracting more than 18 million customers in total, while continuing to add new features including business accounts and cryptocurrency trading.
Revolut, which offers app-based banking and shopping services, raised $800 million last year in a funding round that valued the company at $33 billion. That valuation has increased sixfold from the nearly $5.5 billion the British company was worth in 2020.
Revolut is among a number of app-focused fintech companies looking to break into banking as they diversify their revenue streams and offer new services to existing customers. The London-based neobank is also seeking the green light from UK regulators to release its own crypto token.