Fast-growing fintech Revolut today launched its stock trading feature in Australia, two years after its initial launch back in 2019.
More than 100,000 Australian customers will be able to trade 1,100 securities on Revolut, including shares on the New York Stock Exchange and Nasdaq as well as more than 200 exchange-traded funds.
When it comes to features, the Britain-based platform is rolling out a fractional trading feature as a way to lower the bar for young investors. The feature allows small-bucks traders to diversify their portfolios by spreading their relatively small capital over a broader range of stocks.
The new offering, which is part of Revolut’s quest to become a so-called “superapp,” provides customers with access to an abundance of market and security information. Within the app, users can access real-time market data, stock charts, as well as price alerts, market graphs, and global market news. The in-app platform also includes Revolut’s social trading feature, which enables traders to share their portfolios and view the investments of other customers.
Revolut has grown rapidly since 2015
“We’re really excited to be offering Stock Trading to our Australian customers, and simplifying the trading experience for both new and experienced investors. There are so many barriers for Aussies who want to invest in the US stock market. Traditional providers sting customers with a whole slew of hidden fees including brokerage, markups on foreign exchange into US dollars, as well as deposit and withdrawal fees. By offering commission-free trades and our market-leading FX rates, our stock trading feature sets out to simplify things and give investors more money on their trades, and less on fees,” said Matt Baxby, CEO of Revolut Australia.
The UK challenger bank has grown rapidly in recent years, racking up more than 18 million customers in total as it continues to add more features, including business accounts and cryptocurrency trading.
Revolut, which offers banking and trading services through an app, raised $800 million last year in a funding round that valued the firm at $33 billion. This valuation was a sixfold increase compared to nearly $5.5 billion the UK firm was worth in 2020.
Revolut has been among a number of app-only fintech companies that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers. The London-based neobank is also seeking a greenlight from the UK regulators to release its own crypto token.