Revolut to Expand Trading Products After Receiving UK License
Global FinTech Revolut plans to offer its customers in the United Kingdom new trading products and features after receiving a U.K. trading license from the Financial Conduct Authority (FCA).
The receipt of this license makes Revolut Trading an authorized investment firm, allowing it to improve the user experience and introduce U.K. and European Union stocks and exchange-traded funds (ETFs), according to a Monday (Nov. 18) press release emailed to PYMNTS.
The company has operated its trading feature as an appointed representative with a principal in the U.K. since 2019, allowing it to offer an investment service through its app and enable retail customers to buy and sell shares listed in the United States, according to the release.
It has more than 650,000 existing U.K. trading customers, and these customers can continue to use the app’s trading features as they are now, per the release.
“Having launched our successful investment product five years ago, we strive to bring best-in-class investment products to our customers in the U.K.,” Yana Shkrebenkova, head of wealth and trading U.K. at Revolut, said in the release. “We know that there is so much more our Revolut Trading customers want from our platform, and we are working hard to deliver on this, rolling out new features safely and considerately.”
The announcement comes about three months after Revolut landed a British banking license with restrictions from the U.K.’s Prudential Regulation Authority (PRA).
“Nothing changes for U.K. customers during this restricted period, which is to allow new banks like Revolut to complete the build-out of their U.K. banking operations ahead of launching in the market,” the company said in a July 25 press release. “Until then, U.K. customers can continue to use their Revolut eMoney account as they always have.”
The announcement also comes five days after Revolut said it expanded its cryptocurrency exchange to Europe after launching it in the U.K.
The Revolut X exchange, designed for professional crypto traders, is now available in 30 new European Economic Area (EEA) countries. It lets European crypto traders buy and sell more than 200 cryptocurrencies using Revolut’s desktop-based platforms.
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