Customers who pay for its £12.99 monthly “metal” subscription service will be able to buy and sell US stocks from Thursday. Revolut’s free users will receive three free trades a month, and pay £1 per trade for further transactions. Premium subscribers, who pay £6.99 per month, will get eight free trades.
Revolut, which was valued at $1.7bn in a fundraising last year and is currently looking to raise more cash at a higher valuation in the next few months, is the highest-profile European start-up trying to disrupt the stockbroking industry. Peers include UK-based Freetrade — which Mr Mohamed co-founded — and Amsterdam-based BUX. However, while companies such as Freetrade and US pioneer Robinhood focus on trading, Revolut’s move is also designed to bolster its efforts to build a “global digital bank”. The company initially specialised in cheap travel money, but has since expanded into cryptocurrency trading with a full banking licence in the eurozone and desire to gain similar licences in the UK and elsewhere.