INTERNATIONAL - British digital-only bank Revolut said yesterday that it is building a commission-free trading platform on its app, its latest bid to use technology to undercut traditional financial services.
Users, who can already use the app to manage their money and spend abroad with minimal fees, will be able to invest in stocks from British and US listed firms and exchange-traded funds and options.
Revolut, launched in 2015, said it wants to break down barriers to entry in investing, which include high costs, confusing interfaces and complicated sign-up processes. Nikolay Storonsky, founder and chief executive of Revolut, said with brokers charging as much as £5 (R85.45) per trade and clunky technology, there was “massive” room for improvement.
“We are going to cause the same disruption in investments as we have done in banking.”