Revolut has announced that it has reached two million customers across Europe.
The app-based current account provider also revealed that it was actively working on a commission-free trading platform that will see customers able to instantly invest in companies such as Apple and Amazon.
Revolut intends to make investing more affordable and accessible for everyone, democratising investing in stocks by breaking down the barriers of entry, such as high fees, confusing trading interfaces and onboarding processes.
In the last 12 months, Revolut has increased customer acquisition by over 300% and has released further data showing a monthly transaction volume of $2bn, with customers making over 100 million individual transactions.
With around 900,000 of its users based in the UK, Revolut said that it expected to launch in the US, Canada, Singapore, Hong Kong, Australia and New Zealand in the next few months.
Nik Storonsky, founder and CEO at Revolut (pictured above), said it was going to cause the same disruption in investments as it had in banking.
“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.
“In true Revolut fashion, we will make investments cheap, intuitive and completely mobile, which is exactly what our audience has come to expect from us.
“This is another step towards our goal of building a one-stop shop where people can manage their entire financial lives, from day-to-day banking to cryptocurrencies and now investments.”
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