Revolut plans to launch a commission-free share trading service for its more than 2m users, positioning the start-up as one of the most aggressive digital challengers to British high street lenders.
The company, which allows people to transfer and spend money in 120 currencies with no fees using a pre-paid card and digital wallet, will on Thursday announce plans to offer a free service to trade in UK and US shares.
The move mimics the fast-growing service already offered by Robinhood to more than 4m people in the US. It underlines how fintech companies are rapidly branching out to offer a range of services beyond their initial area of specialisation as they seek to add more customers.
“To put it bluntly, we are going to cause the same disruption in investments as we have done in banking,” said Nikolay Storonsky, the Russia-born chief executive of Revolut who created the company in 2015 after working for Lehman Brothers and Credit Suisse.