Revolut launches its own retail wealth application to compete with Robinhood and eToro
According to Bloomberg, fintech company Revolut Ltd. is splitting its € 8.5 billion ($9.5 billion) wealth management product into standalone applications, seeking to compete with companies such as Robinhood and eToro for a larger market share among retail investors. The application called Revolut Invest will offer nearly 5000 assets upon its debut, including US and European stocks, exchange traded funds, commodities and bonds, as well as new products such as contracts for differences. The bank stated in a statement on Tuesday that stock and bond investments will face fixed fees of 0.25% or 1 euro, while fees for contracts for difference may vary. Rolandas Juteika, Regional Head of Wealth and Trading at Revolut, stated in an interview that the application is currently being tested in Greece, Denmark, and the Czech Republic, and will be launched in other European Economic Area countries by the end of this year. He added that he plans to double the number of assets available for trading at the same time. Juteika stated that users who register for Revolut Invest will go through the same onboarding process as Revolut Bank customers, which means that if they download the main bank application in the future, they can choose to use all of the bank's services. Bank customers can still invest through the main application.