8.6 C
New York
Monday, May 27, 2024
Home Uncategorized Revolut secures US trading license and takes on Robinhood

Revolut secures US trading license and takes on Robinhood

Revolut has secured itself a US broker-dealer license and is now about to compete in the trading app market, according to CNBC.

This way the company will directly challenge US trading juggernauts Robinhood and eToro.

Read also: Exclusive: Interview with Katral-Nada Hassan, YAP

“Launching commission-free stock trading is the next logical step in our plans for the U.S. market. We are building a single app where people can manage all aspects of their finances, from banking and foreign exchange to cryptocurrency and stock trading,” Nik Storonsky, CEO and founder of Revolut, said.

Revolut is about to use DriveWealth to help bring its trading and investment platform to US customers.

“As a licensed broker-dealer in the U.S., we’re eager to break down common barriers to entry around stock trading such as account minimums and complex interfaces by enabling customers to invest commission-free through a user-friendly interface,” Storonsky added.

US CEO Ronald Oliveira told CNBC that prior to awarding the fintech its new licence, the Financial Industry Regulatory Authority (FINRA) “took a deep dive—they asked lots of questions because they wanted to see exactly what the consumer experience was. It took them a period of time to get comfortable, but we’re very happy they got there.”

Revolut is also working with regulators on its U.S. bank charter application in California, first reported by CNBC last year, said Oliveira. That process isn’t likely to be completed this year, he said.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.