(Bloomberg) — Fintech startup Revolut Ltd. is planning to offer commission-free stock trading to U.S. customers as part of efforts to expand there.
The London-based company has secured a U.S. broker-dealer license and will roll out the service in the coming months, according to a statement Tuesday. The move, reported earlier by CNBC, comes after Revolut launched money-transfer and budgeting services in the U.S. last year.
Revolut, one of Europe’s biggest startups, is among the well-funded fintechs muscling into areas that were once the preserve of banks and brokerages. Earlier on Tuesday, money transfer firm Wise Plc announced it was adding an option to allow U.K. customers to invest cash balances they hold in the app in the stock market. In the U.S. Robinhood Markets Inc. is testing new crypto wallet and cryptocurrency transfer features for its app.
Revolut already has about 15 million personal customers and 500,000 businesses using its products, which include bank accounts, international money transfers, cryptocurrency and stock trading as well as bill paying and budgeting tools.
In July, it was valued at about $33 billion in a fundraising with participants that included SoftBank Group Corp.’s Vision Fund 2 and Tiger Global Management. Chief Executive Officer Nik Storonsky said the company will eventually aim for a public listing in the U.K., U.S. or perhaps a dual listing, according to CNBC.
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