Surge in Irish customers using Revolut to trade securities

Tesla, Heineken and Momentus shares among top traded stocks in the Republic

Revolut said it plans to roll out a bond trading feature to its customers in the Republic and elsewhere in 2024. Photo: Bryan O Brien / The Irish Times

The number of Irish Revolut users who used the platform to trade securities last year surged 22 per cent with Tesla and Heineken among the top traded stocks in 2023.

On Tuesday, the fintech said the average size of a trading account in the Republic at the end of the year was €1,295 with men typically holding larger sums than women.

The average male customer had higher levels of activity, Revolut said, and their portfolio was more than twice the size of the average female user at €1,650 compared with €612, a trend observed across Europe.

Tesla shares were the most traded US stock among retail investors in the Republic with a 53 per cent buy and 47 per cent sell percentage, the data indicates. Shares in American space flight company Momentus, which have collapsed by close to 44 per cent since the start of 2024, were also popular as was the “meme stock” company AMC.

READ MORE

The most traded European stocks, meanwhile, were Heineken and its fellow drinks giant Anheuser-Busch, German energy group Uniper and Volkswagen among others.

“As we reflect on 2023, the stock market’s impressive surge of over 24 per cent by S&P 500 index and astonishing 54 per cent by Nasdaq 100 index has been a testament to the resilience and adaptability of the financial landscape,” said Rolandas Juteika, European head of wealth and trading at Revolut.

Is it time to start building homes on Dublin’s main parks?

Listen | 17:06

With interest rates set to fall this year, presenting opportunities for investors in corporate and government bonds, Mr Juteika said Revolut plans to roll out a bond trading feature to its customers in the Republic and elsewhere.

The fintech, which published long-delayed results for 2022 in December, said it added close to 10 million customers last year, a record, driving deposits up by 71 per cent in the year to end of December 2022.

Revolut said it was on track to reach $2 billion (€1.8 billion) in annual revenues in 2023 despite a number of setbacks that prompted shareholders to write down the value of their stake in the group.

Ian Curran

Ian Curran

Ian Curran is a Business reporter with The Irish Times