WARSAW (Reuters) - Digital finance business Revolut is launching a fee-free share-trading service in the UK and Europe on Thursday, seeking a slice of the brokerage-controlled market to continue the company’s rapid expansion.
The UK-based fintech start-up has revolutionized currency exchange in Europe, offering cheap transactions to businesses and individual consumers. The company says it has 6 million customers in the UK and Europe and has signed up half a million in Poland in a little more than a year.
Poland has been one of Revolut’s key battlegrounds, prompting domestic banks in the country to lower their exchange rates.
“It’s just a start of development of our offer of fee-free investment services,” CEO Nik Storonski said in a statement, referring to the push into share trading in Europe, with Revolut also planning to offer the service outside the European Economic Area.
“We will be broadening it to further markets and additional products in the near future.”
Fee-free share trading will be limited to only a few transactions for clients who hold free Revolut accounts, while those who pay for Revolut’s premium account will be allowed to perform 100 transactions a month without charge.
Reporting by Marcin Goclowski; Editing by David Goodman