Banking alternative Revolut has hit the two million customer mark in Europe, as it plans to launch a commission-free trading platform for listed stocks.
The company, which is based in London, said it had increased its customer numbers by 300 per cent in the past 12 months. Some 100,000 are based in Ireland.
Revolut said its monthly transaction volume now reached $2 billion, with customers making over 100 million individual transactions. The company, which currently operates in Europe, expects to expand its services in the United States, Canada, Singapore, Hong Kong, Australia and New Zealand in the next few months.
The development of the trading platform will open up investing, making it more affordable and easier to get started. It intends to offer UK and US listed companies as well as ETFs and options.
“To put it bluntly, we are going to cause the same disruption in investments as we have done in banking,” said Nik Storonsky, founder and chief executive of Revolut. “ Brokers are charging people as much as £5 per trade and the user interfaces are typically clunky, slow and confusing for consumers. The pain points are clear for us and the room for improvement is massive.”
Revolut launched its services in 2015, pitching itself as a digital banking alternative and allowing users to open an app-based current account in one minute. Customers can hold and exchange 25 currencies and send free international money transfers. Among its other products are a geolocation travel insurance, instant credit and a cryptocurrency offering that allows customers to buy, hold and sell cryptocurrencies instantly.