U.K.-based financial super app Revolut will be debuting commission-free stock trading for U.S. customers soon, according to a CNBC report Tuesday (Sept. 21), after it obtained a broker-dealer license.
Revolut became a so-called super app by continuing to add new features to its platform, after launching as a way to help people avoid currency conversion fees, but now includes banking, trading and cryptocurrency features, among many others, for its 16 million-plus customers.
The company secured a $33 billion valuation in July when it got investments from Softbank and Tiger Global, among other investors.
“We are building a single app where people can manage all aspects of their finances, from banking and foreign exchange to cryptocurrency and stock trading,” said CEO and founder Nik Storonsky in the company announcement. “We’re eager to break down common barriers to entry around stock trading such as account minimums and complex interfaces.”
Revolut launched in the U.S. just before the start of the COVID-19 pandemic and has added high-interest savings, small business banking, U.S.-Mexico remittances and cryptocurrency trading to its portfolio of offerings.
The company is now testing the stock trading service, which lets users buy ETFs, shares of NYSE and Nasdaq-listed companies, Ron Oliveira, head of Revolut’s U.S. business, said, noting the trading service will be available in a few months.
Revolut will eventually go public in the U.K., U.S. or both, said Storonsky.
Revolut recently used bitcoin to pay for its space in Dallas with flexible office provider WeWork, which will serve as the hub for the company’s American expansion efforts, according to a press release on Thursday (Sept. 16).
More than 300 Revolut employees will work in the new location.
Rhebecka D’Silva, Revolut’s global head of real estate, said that the startup aims to “push the boundaries of innovation,” making WeWork a good fit for its new U.S. headquarters.
Most of Revolut’s more than 2,000 employees have the option of dividing their work hours between home and the office. Revolut now rents spaces from WeWork in Berlin, Dallas, Dublin, Melbourne, Moscow, Singapore and New York.